Sunday, February 5, 2023

Elon Musk’s Twitter mayhem prompts investors to call on Tesla to act like a traditional automaker

As Elon Musk bounces from controversy to controversy on Twitter, some Tesla investors are hopeful that the electric car company will start acting as a more mature company,

The pioneers of electric vehicles, once caught in a “production hell”, forced them to fight meet a skyrocketing demandis now sailing in more familiar waters than its established rivals.

Tesla reported disappointing fourth-quarter sales after offering deep discounts on its most popular vehicles in the US and China, a worrying sign of excess production.

As Tesla grapples with these longstanding industry issues, Musk has sparked controversy on Twitter, and Tesla investors are weary of the potential impact on Tesla’s value.

“The Cinderella trip is over for Tesla,” writes Wedbush analyst Dan Ives. “Musk now needs to navigate the company through this Category 5 dark macro storm instead of focusing on Twitter, his new golden son who It’s still a distraction and an overload. Tesla’s story/action in our opinion.”

Musk has said that he hasn’t missed any major Tesla meetings or overlooked major business decisions since taking over at Twitter, and that he “can’t really think of anything” he wants to do with exec developments. could do to help. 2 months of Tesla 2022 at last.

Tesla shares fell 65% last year and are still going down.

But investors have reason to worry. Tesla shares are down 65% in 2022, with most of the decline coming after Musk took to Twitter in October. After a record market capitalization of $1 trillion in October 2021, the electric car company is now valued at around $349 billion.

On Friday, Tesla cut prices again for the Model 3 and Model Y in China, the world’s biggest auto market. In the US, Tesla began offering end-of-year rebates for the same popular model that $7,500 Unprecedented Discount Offered, Investors have said they expect further price cuts this year in response to weak demand.

Musk has also spent a lot of time selling Tesla stock, to help finance the $100 billion purchase of Twitter. 44,000 million dollars, Musk promised to hold off on selling Tesla stock for “maybe 2 years” in a Twitter space conversation with investors late last year.

In the same Space conversation, one of the participants raised concerns about Musk’s controversial political views and his decision to allow some previously banned far-right voices on Twitter, which is hurting the Tesla brand.

Kasturi replied sternly, “I am not going to suppress my views just to increase the share price.”

Nation World News Desk
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