- Investor patience with Tesla is waning as CEO Elon Musk shifts his focus to running Twitter.
- KoGuan Leo, Tesla’s third largest individual shareholder, tweeted that it may be time to welcome a new CEO.
- “Elon ditched Tesla and Tesla has no active CEO. Tesla needs and deserves a full-time CEO,” Leo tweeted on Wednesday.
Tesla the investor grow frustrated with falling stock prices And a CEO who spends his time running three different companies.
Coguan Leo, Tesla’s third-largest individual shareholder, is now calling on the new CEO to take over the EV maker. This will allow Musk to focus on other ventures such as his SpaceX and Twitter.
‘Elon ditched Tesla, Tesla doesn’t have a working CEO’ Coguan Leo murmured on wednesday. ‘Tesla needs and deserves a full-time CEO’
Kogan Leo As of September, it had a position of 22.7 million shares in Tesla, Its current value is $3.57 billion. Leo increased its stake in Tesla early in the COVID-19 pandemic. At the time, the stock was trading at a split-adjusted price of about $40, compared to $157 today.
Tesla shares are down 55% year-to-date, and the stock has lost about $225 billion in market value since Musk signed a deal to buy Twitter at the end of October. Its decline S&P 500 With more than 3% up, investor concerns are real, analyst Wedbush Dan Ives said. called Musk’s Twitter venture a “circus” or “the Twilight Zone.”
Despite his complaints, Leo has not sold Tesla shares. Instead, he plans to buy more because he believes the stock is undervalued and the company still has room to grow with a laser-focused CEO.
“Frankly, I wouldn’t mind if Elon left to stay at Tesla. Tesla is a great company and $160 an hour is cheap.”
“Elon is just a hired hand. He is our employee… Elon was a proud father. Tesla has grown up. We need executioners like Tim Cook, not Elon.” “Even without Elon, Tesla will still be the biggest company in the world. Will invest another $1 billion in BC.”
In an obvious reference to options trading, Leo said he would buy another 3 million shares at $160 a share if Tesla fell below $160 in a few weeks, but what bothers Leo is: That’s what Musk is selling while he’s buying Tesla stock.
“Today we put in another $500 million to support Tesla’s stock @ $160, but Elon sold $35 billion of stock and may have sold more in the last few days. There is,” said Leo murmured.
Hours after this tweet, it became clear Musk sells another 22 million shares for $3.6 billion Earlier this week. By the way, Mr. Musk’s weekly sales are about the same as Mr. Leo’s Tesla stock.