Investors at Tesla have doubted CEO Elon Musk‘s competence to run the automaker as it appears that he spends so much time on his Twitter endeavor, as per InsideEVs. He even sold Tesla shares, which caused the company’s stock to plummet.
Ironically, the CEO admitted to sleeping at Twitter’s headquarters “until the social media is rectified” while attempting to convince investors that he has “Tesla covered.”
How Musk’s Twitter moves affect Tesla
It is a reality that Musk’s purchase of Twitter is having a bad effect on Tesla.
In fact, Tesla stock valued at billions of dollars had to be sold by the CEO to complete the Twitter deal. This action caused Tesla’s market capitalization to drop precipitously.
Furthermore, Tesla’s valuation has decreased by more than $44 billion. It was reportedly connected to Musk’s Twitter purchase of $44 billion.
That said, Tesla enthusiasts and investors are apprehensive that Musk would spend less time at the automaker as he works to realize his ambition at Twitter.
Musk responded to one of the fans’ complaints on Twitter by saying that he has “Tesla covered too” and that he will visit Tesla “part of this week”:
Interestingly enough, Musk also stated that “I’ve been at Twitter SF HQ all night. Will be working & sleeping here until org is fixed.”
Notably, the CEO is renowned for investing an enormous time in his businesses through difficult times. It included sleeping on the floor of Tesla’s factory as the company ramped up Model 3 production.
Investors’ concerns are reasonable, given that it is clear that the CEO has a lot on his plate right now. He has many businesses, including SpaceX, Twitter, the leading automobile Tesla, the Boring Company, and Neuralink.
