Tesla shares are on another dip this week, and investors are increasingly angry at CEO Elon Musk. The Wall Street Gazette because he could not actually manage the company at the time of crisis.
“There is no Tesla CEO today” tweeted Gary Black is a hedge fund manager with approximately $50 million worth of Tesla stock.
Shares of Tesla fell more than six percent on Monday, After a whirlwind of disaster over a weekend for Musk. Overall, it has lost more than half of its value since the beginning of the year.
The billionaire CEO still spends most of his time on Twitter for a disastrous acquisition that has been fraught with controversy from the start.
As Twitter disintegrates, Tesla investors say Twitter has done serious collateral damage to Tesla’s reputation. Last week, Musk took to Twitter to make transphobic jokes against the former company, which has sold more than $19 billion in Tesla shares this year, with $4 billion of which was used to finance his troubled acquisition of the social media company. administrators and spreading COVID misinformation.
Understandably, Tesla investors are not impressed by Musk’s antics and blame him for giving up his position at the automaker.
“The market voted today that the $TSLA brand was negatively impacted by the Twitter drama,” Black said. Wrote. “While before, EV buyers were proud to drive their Tesla to friends or show off their Teslas on driveways, now the Twitter controversy is hurting Tesla’s brand value.”
Ross Gerber, a longtime Tesla investor, also blamed Musk “Tesla deserves a focused CEO” for “working at another company.”
“It would be helpful to know what Elon’s plans are,” Gerber added.
Tesla had a lousy year regardless of Musk’s Twitter drama. Stocks have fallen dramatically, marking its worst year on record.
Meanwhile, Musk claimed “He continues to oversee both Tesla and SpaceX over the weekend, but the teams there are so good that often very little is required of me.”
That sentiment more or less coincides with NASA head and former astronaut Bill Nelson taking a sigh of relief this week after he was assured that SpaceX was not actually led by SpaceX’s president and COO, Gwynne Shotwell—and especially Musk.
In short, Musk is really starting to look like he’s been doing his companies more harm than good lately, especially when it comes to his public image.
No one can predict whether Tesla will be able to shake the huge shadow cast on any of its companies at this point. But we will watch.
READ MORE: Tesla Investors Raise Concerns About Elon Musk’s Focus on Twitter [The Wall Street Journal]
More on Musk: NASA Chief Relieved To Hear Elon Musk Isn’t REALLY Managing SpaceX