Tesla has lost $800 billion in market value in the past year — a decline attributed to Musk’s sloppy work on Twitter.
Despite Tesla’s stock hitting a 52-week high of $402.67 in March, a nine-month decline cost the company more 800 billion in market value In the past year. The electric vehicle company is working to undercut a sluggish technology sector market 40.8 percent till dateBy Almost 30 points, and hit multi-year lows on an almost daily basis. By mid-December, it had outsold Musk $3 billion in Tesla stockHe has sold more than $40 billion worth of stocks this year.
If the rough year experienced by tech companies wasn’t enough to worry Tesla investors, Musk’s tumultuous acquisition Twitter It has sent confidence in the billionaire’s ability to successfully manage both companies. The seriousness of the situation is, indeed, sinks.
Key Investors in Tesla They pleaded with Kasturi Appoint a successor to manage Twitter’s day-to-day operations and shift his focus back to his parent company. After A survey of Twitter users Confused about whether or not he should stay in charge of Twitter — and having been thoroughly rejected by voters — Musk announced that he would step down as Twitter’s CEO once a suitable replacement was found. No progress has been reported.
Despite Musk’s virtual full-time dedication to managing Twitter at Tesla’s expense, both companies have suffered from his divided attention. Musk has created a series of executive content review orders that are surprisingly retroactive, including arbitrary ones. Ban on journalistsPenalty Promotion of other social media accounts, and introduces Twitter blue, a paid verification service that artificially elevates content from subscribers over content from non-paying users. The resulting confusion has lost more than Twitter Half of its leading advertisersAnd ready to face a potential barrage of lawsuits from the platform Ex-employees, Unpaid salespeopleAnd also International governmental bodies.
Earlier this month, Tesla investor Joe Cirincian Musk charged “Killing the company with his antics,” but Musk inadvertently killed two birds with one stone as a result of the collapse of Tesla’s financial value.
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