Tesla, Elon Musk’s automobile business, has seen some setbacks in the past months. According to CNBC, Tesla stock fell by more than 44% in December. This week has also been one of its worst in 8 months. It has lost its rank in the top 10 most valuable firms in the S&P 500 Index and will likely become the worst-performing stock in 2022.
Investors are concerned about the stock’s performance and are speculating Elon has not had time for Tesla while serving as Twitter’s CEO. Musk claims he won’t sell any more stock for at least 18 to 24 months after he sold $4 billion worth of Tesla shares to seal Twitter’s acquisition.
Adams Jonas, an analyst, wrote to his clients about Tesla, saying:
“Our investor survey reinforces our views that Elon Musk’s recent involvement with Twitter has contributed to negative sentiment momentum in Tesla shares and could drive some degree of adverse downside skew to Tesla fundamentals.”
Justin Sun, the founder of Tron blockchain, commented on the negativity spreading about Elon and his business. He said:
“In a bearish market, it’s easy for negativity and criticism to take centre stage. But it’s important to remember that @elonmusk has consistently pushed boundaries and disrupted traditional industries, leading to significant progress and innovation at Tesla and beyond. From electric vehicles, Cryptocurrency to space travel, Musk’s vision and leadership have had a profound impact on the world. Instead of joining in the negativity, let’s show our support for @elonmusk and his team during this challenging time.”
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