Tesla Motors CEO Elon Musk speaks at the Grand Opening Party of the Tesla Giga Texas Manufacturing “Cyber Rodeo” April 7, 2022 in Austin, Texas.
Suzanne Cordeiro | AFP | Getty Images
Stocks of electric car manufacturers Tesla The stock has fallen 28% since Oct. 27, when CEO Elon Musk bought it. twitter Named “Chief Twit” or CEO of the social media business.
By comparison, other major automakers ford, GM When Volkswagen has risen slightly since October 27. BYD, a Chinese company that manufactures electric vehicles and batteries.US electric truck manufacturer Rivian It decreased by 27% over that period.
Tesla shares closed at $160.95 on Tuesday, down more than 4% on the day. This was a rare exception among growth-oriented tech stocks. mostly roses rear Inflation data lower than expected I left early in the morning.
The decline in Tesla’s stock has irritated Leo Kogwang, the billionaire and founder of IT services firm SHI International, the company’s largest retail shareholder. convene the company’s board of directors It is to “do shock therapy to recover stock prices”, that is, to buy back its own shares.
Musk sold billions of dollars worth of Tesla stock to finance Twitter acquisition. Since he took over the company, Musk has regularly posted inflammatory tweets, particularly those with left-of-center political values and whom Musk often portrays as enemies in the “woke virus”. is intended for
For example, Musk tweeted over the weekend targeting Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and transgender people.
The offensive tweet garnered more than a million likes on Twitter, where Musk lists more than 120 million followers, as well as criticism from the White House and former CIA Director John O. Brennan. There was also criticism of White House Press Secretary Carine Jean-Pierre called Mr Musk’s tweet about Mr Fauci an “incredibly dangerous” personal attack.
Nia Impact Capital founder and Tesla shareholder Kristin Hull said: wrote on twitter “There are so many problems with the Tesla brand when the board cannot control the CEO.”
Economic conditions and an aging product lineup are also putting pressure on Tesla’s stock price. Tesla has postponed mass production of his truck, the Cybertruck, a sci-fi-inspired trapezoidal pickup.Tesla was originally Cybertruck design unveiled in 2019at that time, the company was slated to begin production in 2021.
Last month, the company held an event at its battery plant in Nevada to mark the start of shipments of its fully electric heavy-duty semi-trucks. At the event, Tesla executives, including Elon Musk, did not mention the previously touted self-driving technology, his million-mile warranty they had previously teased, the price of the Semi, or the expected production numbers. did.
Tesla has also faced backlash for years of delays in delivering self-driving technology via software updates to customers’ cars.the customer complain more and more Tesla in the US has achieved a refund for the self-driving system they paid for and is already due for delivery.
Tesla markets its driver assistance systems in the U.S. as Autopilot, Enhanced Autopilot, and Fully Autonomous Driving features. None of these systems can safely drive a car unless there is a human behind the wheel, constantly paying attention to the road and driving tasks.
California’s DMV is investigating Tesla and formally accusing it of engaging in false advertising about these systems.
Some Tesla fans see the stock’s plunge as a buying opportunity, despite Musk’s new Twitter distraction.
The company is expanding production at a new vehicle assembly plant in Austin, Texas, and another plant outside Berlin. The company brought in Shanghai Manufacturing leader Tom Zhu to the state to mature its Austin operations.
