Tesla shares plummet. Since his overpaid takeover of Twitter and his many political controversies, Elon Musk has fallen from his pedestal and pulled down the historic heart of his success: Tesla. Usually for the Californian brand, the end of the year is the time to draw up the company’s exceptional balance sheet. The market value of the 100% electric brand has only increased in recent years and had even become higher than all the other historical manufacturers combined.
But for the year 2022, it has nothing to do with it: Tesla shares have fallen 70% in a year, with more than half of this spectacular loss concentrated in the month of December alone. Proof that in addition to the difficulties encountered by the automotive sector, with various shortages or even the closure of the Tesla mega-factory in China due to Covid, there is indeed an Elon Musk effect since his takeover of Twitter.
Until then, the billionaire’s escapades were quite smiling, but now his political views have a direct impact on Tesla’s image. E.g, when the new head of Twitter announces the suspension of journalists’ accounts on the social network, the day after, Tesla loses 4% on the stock market.
This week, one of his ironic and apparently misguided tweets in response to comments made by former Russian President Medvedev sent Wall Street down 11% in a matter of hours. Worse, Elon Musk’s excursions could end up having dire consequences… down the road.
— Elon Musk (@elonmusk) 26 December 2022
Insults and denial of priorities
According to an article in American media Axios by questioning owners of Tesla in the state of Iowa, the owners of a vehicle of the California brand would be more affected by the incivilities of the other drivers than with a car of another brand. Fishtailing, denial of priority, insults for no apparent reason… the Teslas would be targets on wheels.
If the news site specifies that these daily attacks against Tesla are primarily because they are electric cars, Elon Musk’s recent postponements may also have an incident on these malicious actions, explains the spokesman for a local association that promotes electric vehicles, Brian Miller.