'Tesla On My Mind 24/7': Elon Musk Addresses Investors’ Concerns Amid Twitter Distraction
The latest tweet from Musk comes at a time when Tesla shares have lost one third of their value since the billionaire disclosed his stake in Twitter in early April.
New Delhi: Concerned over the sinking shares of the US electric carmaker Tesla, CEO Elon Musk tried to placate investors by sharing a meme on Thursday saying "Tesla is on my mind 24/7". Quelling apprehensions of investors for being distracted by Twitter takeover, Musk posted a meme portraying a woman (Tesla) who is upset by her boyfriend (Elon) checking out another woman (Twitter) saying, "So may seem like below, but not true."
To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science!
— Elon Musk (@elonmusk) May 19, 2022
Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7.
So may seem like below, but not true. pic.twitter.com/CXfWiLD2f8
The world’s richest man said he is spending less than 5 per cent of time on the social micro blogging site. "To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science!" he tweeted.
"Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7."
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Tesla started a new car factory in Texas this year, and Musk's rocket company SpaceX has a launch site known as Starbase in Boca Chica, Texas.
The latest tweet from Musk comes at a time when Tesla shares have lost one third of their value since the billionaire disclosed his stake in Twitter in early April. He also sold $8.5 billion worth of Tesla stocks in a move seen to help finance his $44-billion Twitter deal.
Apart from this, Tesla stocks have come down as China’s lockdown measures impacted its production and an exclusion of Tesla from a widely-followed S&P sustainability index.
Analyst Daniel Ives at Wedbush also slashed the target share price of Tesla due to the China production disruption and warned of "distraction risks" from Musk's Twitter deal, according to Reuters report.
On the other hand, Leo KoGuan, a major individual investor in Tesla, on Thursday suggested the electric carmaker to buy back shares.
"Tesla must announce immediately and buy back $5 billion of Tesla shares from its free cash flow this year and $10 billion from its free cash flow next year, without effecting its existing $18 billion cash reserves with ZERO debt," KoGuan said in a Twitter message to Tesla's head of investor relations, Martin Viecha.
KoGuan, who is the third largest individual shareholder of Tesla said last year that he was investing billions in Tesla because he believes in Musk's "great mission that I share." In March he announced of buying more Tesla shares, not selling during the stocks' dip.
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