MONIKA
Tesla investors have been concerned that Musk might not be able to devote all of his attention to the company, which is engaged in a price war with upstarts and legacy automakers, ever since Musk purchased Twitter in a $44 billion deal. According to observers, Elon Musk’s decision to appoint a new CEO for Twitter may help the billionaire focus more on Tesla Inc., which has been struggling with a decline in demand for its electric automobiles. The most valued manufacturer of electric vehicles in the world saw a nearly 3% increase in share price on Friday. In 2022, the stock saw its worst year ever, losing 65%, as a result of Musk’s on-again, off-again bid for Twitter. Tesla investors have been concerned that Musk might not be able to devote all of his attention to the company, which is engaged in a price war with upstarts and legacy automakers, ever since Musk purchased Twitter in a $44 billion deal. Because he will probably spend a little bit more time on Tesla, this is marginally better for Tesla shareholders, according to Gene Munster, managing partner at Deepwater Asset Management. However, he is fighting for his time with other things. Musk announced on Thursday that he had identified a new CEO for Twitter but declined to name the candidate. He also said he was stepping down to become the company’s chief technology officer. According to a source familiar with the situation, Linda Yaccarino, an executive at Comcast Corp.’s NBCUniversal, was in discussions for the top position at the social media site. Yaccarino’s departure from the corporation was announced by NBCUniversal on Friday. “Tesla investors are likely to celebrate this move too, with Musk’s very hands-on approach at Twitter leading to concerns he had taken his eye off the ball at this EV giant,” said Hargreaves Lansdown analyst Sophie Lund-Yates. Musk still actively runs a number of other businesses, including SpaceX and Neuralink, despite the fact that Twitter has taken up most of his time since its purchase. In order to compete with Alphabet Inc.’s Bard and OpenAI’s ChatGPT, Musk just founded an AI business called TruthGPT. The way Musk has interacted with Twitter has been really disorganised. In order to rely less on advertising and more on subscription revenue, he has sacked the social media company’s top management team, including its CEO, and reduced hundreds of positions there.
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