Yesterday I posted a blind talking about the celebrity CEO was nearing a margin call, just as he was selling a few billion worth of stock, at 2 year lows.

Elon Musk

Tesla stock plunges as investors fear Twitter dramas, loss of China sales

Tesla shares fell 8.12% Tuesday after Wall Street downgraded price targets on the electric vehicle maker’s stock. Analysts fear that CEO Elon Musk is distracted by his hostile takeover and micromanagement of Twitter, and that China sales will be affected by the Chinese government allowing COVID-19 to spread after ending its stance on harsh restrictions.

Tesla’s shares hit a more than two-year low of $138 at the time this article was published.

Analysts say investors are concerned Musk will sell more shares of Tesla to fund Twitter, and that his antics on the social media platform are hurting the EV maker’s brand. Last week Musk sold around $3.5 billion worth of shares, one of many stock dumps the CEO has done this year.

Some investors are calling on Tesla’s board of directors to replace Musk as CEO, to step in and protect shareholders from the stock drop.

“Tesla stock price now reflects the value of having no CEO. Great job tesla BOD – Time for a shake up,” tweeted Ross Gerber, a portfolio manager at Gerber Kawasaki. – Source

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