Tesla shares rose Monday after a survey revealed that Twitter users want Elon Musk as its CEO. Marcio Jose Sanchez/AP
Tesla shares rose Monday morning after Twitter users voted to remove Elon Musk as CEO.
Tesla shares rose Monday in premarket trading after Twitter users voted for Elon Musk to step down as CEO.
Musk, the Twitter CEO, asked his followers if he should resign as CEO. He said that he would “abide” by the results of the 12-hour poll posted Sunday. A departure was supported by 57.5% of the 17.5million people who voted.
Many Tesla shareholders feel that Musk’s Twitter presence has been a distraction. Musk is the CEO of both the electric-vehicle manufacturer and SpaceX. They warned that Musk’s leadership at Twitter could cause a drop in Tesla’s share prices, which have fallen 30% since Musk bought the social network for $44 billion in Oct.
The Tesla share price rose on Monday morning as Musk supporters voted in the Twitter poll. Soon after the voting ended, the stock rose 4.73% to $157.30.
Musk’s endorsement for the Republican party and his inaction at Tesla since he took over Twitter are likely to have contributed to a decline in stock prices, Gene Munster, a veteran Wall Street analyst and self-proclaimed Tesla bull, said last week.
“Elon is Tesla’s brand. CNBC’s Munster from Loup Capital said that he needs to get it together. He’s made many mistakes with his mouth and needs to be more direct. If he doesn’t, he will cause long-term damage.”
Musk blames the Federal Reserve for this $600 billion drop in Tesla’s value. Musk argued that investors have become less interested in the stock market because of the interest rate hikes by the US central bank. Tesla shares have been particularly hard hit this year because they are primarily valued on future cash flows.
Continue reading: Experts say Elon Musk is using Tesla as his personal ATM to fuel the Twitter firestorm. Here are five criticisms of Elon Musk from the last week
Business Insider has the original article.
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By: gglover@insider.com (George Glover)
Title: Tesla shares rise almost 5% as a Twitter poll shows people want Elon Musk to step down as the platform’s CEO
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-twitter-elon-musk-poll-ceo-stock-market-news-2022-12
Published Date: Mon, 19 Dec 2022 12:12:48 +0000
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