Elon Musk is in a difficult moment of his own making. Since he began his aggressive push to buy Twitter for a $44 billion figure, which has been paused due to his “concerns” about the number of bots on the platform, his value has fallen considerably as stocks of Tesla are collapsing.
The problem with Musk
According to a Forbes report, Tesla shares fell to their lowest point in 11 months last week, and the main reason is that the company’s investors are not happy that Elon Musk is getting too distracted on Twitter, in addition to that lately he has made multiple messages on the platform that are far from being from a serious businessman.
The report notes that Tesla’s value has fallen to $650 billion after reaching a high point of $1.2 trillion. This means that since Musk started working on his Twitter deal, he has lost more than $575 billion, a considerably high figure that could put the company’s projects and ambitions at risk.
On the other hand, it is pointed out that this is due to the impact that Covid is having in Shanghai , where one of its “Gigafactories” operates, which will affect the company’s production. While 1.4 million cars were expected to be delivered, it is expected to be 1.2 million.
However, other experts, such as Wedbush’s Dan Ives, investors’ patience is wearing thin. The man said “This circus has been a big problem in Tesla stock and has been a black eye for Musk so far.”
But there may not be much to worry about. Despite the fact that Tesla’s stock value is not at its best, the company reported that it had the best quarter in its history, earning 3.3 billion dollars in sales.