Tesla stocks have hit a 17-month low following CEO Elon Musk’s Twitter takeover. Musk has been filling the headlines since he took over the social media company, and unfortunately, it has mainly been for the wrong reasons. This in turn, has lead to many investors selling their stocks.
Since Musk took over Twitter, he has dissolved the board of members to become the sole owner, has brought in the concept of users paying $8 a month to get a blue verification tick, and is cutting the workforce in half which Twitter has been hit with a lawsuit for.
On Monday, Tesla stock finished at $197.08 per share which is a 5% decline and the lowest share price since June 2021. The Tesla stocks had started to decline before Musk’s Twitter takeover, however they started to drop more significantly afterwards with a drop of over 12%.
According to Bloomberg News, concerns have been raised by some Tesla shareholders that Musk is spreading his time too thinly between all of his companies, especially with the amount of work needed on Twitter.
Investors are hoping to see Musk put more attention on Tesla with the ambitious targets that he set for 2022 including the first deliveries of the Tesla Semi in December and the Cybertruck preparations at Gigafactory Texas.
It has not all been negative news for Tesla though as the Model 3 has just been found to be the most energy efficient electric vehicle in a European test, ahead of the Nio eT7 and the Renault Megane E-Tech. And, although Musk is putting more effort in to posting on social media about Twitter, rather than the EV company, Tesla is still showing signs of being on track for the Tesla Semi deliveries in December with recent drone footage of the Texas and Berlin Gigafactories showing good progress.