Fox Business anchor Ashley Webster delved into Tesla’s stock being down nearly 70% year to date, asking the inevitable question if the plunging value is linked to Elon Musk’s acquisition of Twitter and his ongoing transparency efforts to reestablish trust in the social media platform.
There’s little debate that Musk became Public Enemy #1 on the left, which includes much of the media when he took care to create a level playing field, effectively stripping away the dominance they enjoyed on Twitter courtesy of like-minded executives running the company.
The ongoing release of the Twitter Files has only added to the angst on the left, which has since set out to not only try to cancel Musk but destroy Twitter and any other endeavor he is associated with — the data released proved conservatives were being censored and shadow-banned, and that the prior leadership was colluding with the FBI and other U.S. intelligence agencies to shape the outcome of the 2020 election.
In a segment featuring investor Jeff Sica, Webster noted the stock decline of the world’s largest electric vehicle manufacturer, adding that Tesla is planning to “reduce output of their Shanghai plant,” before asking a loaded question, “If you’re a Tesla shareholder, are you getting pretty sick and tired of Elon Musk and his ongoing saga with Twitter?”
“I have to say, I’ve never liked Tesla as a stock. I’ve never owned a share of it. I’ve been critical of the company,” Sica replied. “I’m very — I admire Elon Musk for what he’s doing for the cause of free speech. He’s paying a big price for that, but the Tesla shareholders are also paying a big price for that acquisition. Tesla was a garbage company.”
It appears that Sica intended to say Twitter was “a garbage company,” as he continued, “It was an acquisition that hopefully helps free speech, but it was not a good acquisition. As [Musk] said, he can’t find anybody dumb enough to run this company after he steps down.”
“He has to pay attention to Tesla, which at its peak, Tesla was — had a market cap that was higher than the five top automakers combined,” Sica added, before offering a gloomy outlook.
“I don’t think the future looks all that bright for them, or EVs in general,” he concluded. “I think soon there’ll be more market saturation with EVs, but I don’t think it’s anywhere in the next couple of years.”
On the other hand, there may be the hope that by getting Musk refocused on Tesla he will let up on the march toward free speech on a platform the billionaire considers to be today’s town square.
Wedbush Securities’ Dan Ives, who maintains his buy recommendation on Tesla stock, commented on Musk’s leadership in a report on Tuesday, according to CNBC — the business network noted that Tesla investors want Musk to refocus his efforts on stabilizing the company.
“At the same time that Tesla is cutting prices and inventory is starting to build globally in face of a likely global recession, Musk is viewed as ‘asleep at the wheel’ from a leadership perspective,” Ives wrote.
“I think he really needs to focus on operations, focus on giving us great cars,” Craig Irwin, an analyst at Roth Capital, said, according to CNBC.
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