Tesla investors plead with Elon Musk to leave Twitter and refocus on the electri...
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they're killing me.
Tesla investors plead with Elon Musk to leave Twitter and refocus on the electric car company in 'a vote of no confidence in Elon'
Some high profile investors agreed Tesla's stock is down because Musk is distracted with Twitter.
Musk is trying to get new investment for the platform, and just sold $3.6 billion in Tesla stock.
"What we're getting is a vote of no confidence in Elon," investor Ross Gerber said.
Tesla investors are getting desperate for Elon Musk to shed his Twitter responsibilities and refocus on the electric car company.
With shares of Tesla down 65% for the year, some Musk fans are getting tired of their hero's expensive and chaotic social-media foray.
Ross Gerber, head of Gerber Kawasaki Wealth and Investment Management, a Tesla shareholder, said during a Twitter Spaces talk on Tuesday that the only reason for the car company's market woes is Musk's involvement with Twitter.
"We all know why Tesla stock is down and it has nothing to do with the company," Gerber said. "The company is doing great. The company has the best environment it could possibly want. It's about to get a bunch of incentives from the government. The factories are ramping up. New products are launching. The only problem is the optics of having the CEO on Twitter every day discussing the problems of Hunter Biden."
Over the past two weeks, Musk has been working closely with newsletter writers Bari Weiss and Matt Taibbi to release what Musk named "The Twitter Files," consisting mainly of company email correspondence between Twitter executives and employees about content moderation decisions. He has also begun banning journalists and critics from the platform, while continuing to drastically cut costs and conduct layoffs.
Another issue is Musk continuing to sell Tesla stock, possibly to keep up with costs related to his new ownership of Twitter, which he officially acquired for $44 billion at the end of October. Musk in April publicly promised he was done selling off his stake in Tesla. Last week, he sold another $3.6 billion.
"Elon selling definitely has killed the stock because of the way he sells," Gary Black, managing partner of The Future Fund investment firm, which has a stake in Tesla, said during the Spaces event on Tuesday. "I called it reckless before. Maybe that's too strong a word."
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