Tesla stocks edged lower by 1.4% on Wednesday following a previous fall of 3.2% to $155.88 as numerous investors directed criticism at CEO Elon Musk. To date, Tesla stocks have slumped by 55% this year, hitting their lowest level since November 18, 2020.
Investors in the electric vehicle manufacturer expressed their dissatisfaction at Musk’s increased focus on Twitter since buying the social media platform. They believe that this has distracted Musk from his duties as Tesla’s leader.
“Elon abandoned Tesla and Tesla has no working CEO,” commented KoGuan Leo, the third-largest individual shareholder of Tesla. “Are we merely Elon’s foolish bag holders? An executioner, Tim Cook-like is needed, not Elon.”
Throughout the year, Tesla has been losing ground as a leading tech stock, with the growth of GM, Ford, Apple, and Amazon all outpacing the electric vehicle pioneer. Gary Black, a Tesla bull, admitted that he believes that Musk’s Twitter involvement and expression of his political views are hampering consumers’ faith in his brand, thereby affecting demand.
Goldman Sachs decided on Tuesday to cut its price target for Tesla shares while also lowering its estimates for Tesla’s gross margins in the fourth quarter of 2022.