Tesla Stock is Plummeting (Along With Elon Musk’s Net Worth) Because Investors are Tired of Musk’s Twitter ‘Circus Show’
Elon Musk has always been eccentric, but lately, he’s been acting like a squirrel on crack and with his current Twitter shenanigans his investors are becoming quickly disheartened. He’s upped the crazy several notches over the last few months and he’s in the news pretty much every day, Uproxx notes. And it’s beginning to look like his Twitter antics are beginning to catch up with him.
Forbes is reporting that Tesla, one of the companies where Musk serves as CEO, is hemorrhaging stocks, sinking to an 11-month low, down an astounding 49 percent after reaching an all-time high last November. Just six months ago Tesla stocks were valued at $1.2 trillion. Now they’re bringing in $650 billion.
The stock free fall can, in some ways be blamed on manufacturing issues, per Forbes:
“Prompting the steep decline, Daiwa analyst Jairam Nathan on Tuesday morning lowered his price target for Tesla shares to $800 from $1,150—telling clients Covid lockdowns in Shanghai, where the electric-vehicle maker operates it’s so-called Gigafactory, as well as supply issues impacting its Austin and Berlin plants, will cut deeper into earnings than previously expected.”
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Musk’s plan to purchase Twitter is also making investors pretty unhappy. According to Dan Ives, an analyst with the private banking company Wedbush, “patience is wearing very thin” among Tesla shareholders who are growing tired of Musk’s ups and downs with the social media giant.
“This [takeover] circus has been a major overhang on Tesla’s stock and has been a black eye for Musk so far,” Ives notes, saying that “major market pressure for tech stocks” has deepened their concern.
And Uproxx notes:
“It’s also cost Musk access to the $200 billion club, a group so elite he was its only member. He is now worth a measly $199 billion, though he can still take comfort in still having more money than anyone else on the planet.”
As I wrote earlier, Musk is turning into the most annoying person on the planet, just as ex-president Donald Trump was during his long years as president. Like Trump, it appears we’re stuck with Musk for some time to come.
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