Several of Tesla’s top investors are growing restless with billionaire Elon Musk’s recent focus on Twitter, as the electric vehicle company’s share prices drop.
Musk finalized his purchase of Twitter and took over the company in late October, and since then his focus – at least publicly – has been exclusively on the platform. The complaints from investors come after several sharp downturns for Tesla stock in recent weeks, threatening to turn 2022 into its worst yearly performance ever, according to the Wall Street Journal.
“There is no TSLA CEO today,” Gary Black, who manages a fund with $50 million invested into Tesla stock, tweeted on Monday.
“I have utmost respect for Elon Musk as a manager, leader, and visionary. Just wish he’d hire someone to fix Twitter and focus on $TSLA as CEO with all its opportunities and challenges and which could be a $3T market cap company in 5 years,” he added.
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Black has joined with a growing group of Tesla investors calling for a share buyback. Musk has expressed openness to a buyback of up to $10 billion in recent weeks, according to WSJ.
Musk nevertheless appears to have bent his focus almost entirely on Twitter since he bought the social media platform. He fired vast swaths of employees and top executives from the company before launching an exposé on Twitter’s past censorship efforts.
Musk’s stated goal in purchasing Twitter was to protect freedom of speech on the platform. He has attacked Twitter’s old leadership for succumbing to what he calls the “woke mind virus.”
Musk’s Twitter has posted behind-the-scenes details about how executives worked to censor revelations about Hunter Biden’s laptop in 2020, among other things.
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Musk also reinstated former President Donald Trump’s banned Twitter account soon after taking over the company. He has since argued Trump’s original ban was unjust.