Is there a pilot in the plane? Since the takeover of Twitter in October, Elon Musk appears scattered in the eyes of Tesla shareholders, which suggests a certain nervousness. SpaceX, Tesla, Hyperloop, OpenAI, Neuralink, The Boring Company, Twitter… The multifaceted CEO has been collecting companies for several years.
Wave of criticism, drop in action
A situation that is really starting to bother some shareholders in the electric car manufacturer. “There is no Tesla CEO todayGary Black, managing partner of Future Fund LLC, a fund that holds more than $50 million in Tesla stock. A startling statement that comes after the staggering 17% drop in price in one month. “The market voted today […] The Tesla brand has been negatively affected by the Twitter drama. Where before electric car buyers were proud to drive their Teslas in front of their friends or show off their Teslas in their driveways, Twitter controversy is now damaging brand value“, he explained.
My 2 cents: The market agreed today that the $TSLA the brand has been negatively affected by the Twitter drama. Where electric car buyers used to be proud to drive their Teslas to their friends or display Teslas in their driveways, the Twitter controversy is hurting Tesla’s brand equity.
— Gary Black (@garyblack00) 12 December 2022
A scathing message characterized by a more positive tone: “We do not believe that the Tesla brand has been tampered with. But improved communication […] is clearly necessary.“
Like our colleagues from The Wall Street JournalGary Black isn’t the only one publicly lamenting Musk’s abandonment of the company in recent weeks. Ross Gerber, a longtime supporter of the brand, publicly addressed Tesla’s board on Twitter. “Who is running Tesla on a day-to-day basis during this critical time for the company?“, he asked, before criticizing the management of the company in half a word.There is nothing wrong with Tesla. Aside from the CEO working in another company, Tesla definitely deserves a focused CEO. It would be helpful to know what Elon’s plans are“, he tweeted.
NASA wonders too
Publicly questioned by many of the company’s shareholders in recent weeks, Elon Musk was reassuring about the direction his company was taking. “Tesla will be great in the long run, but doesn’t control macro currents. I want to make sure Tesla shareholders benefit from Twitter for the long term.”he expressed on Twitter without giving further explanation.
Tesla will be great in the long term, but does not control macroeconomic tides
— Elon Musk (@elonmusk) 13 December 2022
NASA, for its part, was worried whether the recent takeover of the social network would not influence the management of SpaceX, which is responsible for part of the US administration’s space transport. Asked about it at a news conference, Bill Nelson, administrator of the federal agency, confirmed that Gwynne Shotwell, president of SpaceX, had “secured“than Musk’s takeover of Twitter”would not be a distraction.“
During a hearing in a US court last month, Elon Musk assured that his role at Twitter was only a temporary passing fancy. “I expect to reduce my time on Twitter and find someone else to run Twitter over time‘, he had declared.