Elon Musk has been one of the most influential personalities in the entire world in the past couple of decades.
Elon Musk’s Achievement
It is quite remarkable that his influence has continued to grow over the entire world. He is considered to be more successful than people such as Jeff Bezos, Mark Zuckerberg, and even the likes of Bill Gates.
This is the very reason he has built up a strong net worth that is over $200 billion, making him the richest man in the entire world.
More importantly, he has built a strong empire of major companies that includes Tesla, SpaceX, OpenAI, Neuralink, and now, Twitter.
Elon Musk’s net worth and empire are the perfect examples of hard work and ambition.
However, it does not mean that every decision that the richest man in the world has made is correct or is received well by the public.
Things are Looking Bad for Elon Musk
He is also considered to be a person who likes to bully people over the internet and is considered to be very strict towards work ethics.
Many employees working for Elon Musk’s companies have claimed that they are ordered to work extra hours. At times, they are ordered to work 7 days a week to meet consumer demand which is very cruel.
Still, Elon Musk’s decisions did not backfire for him causing huge damage to his empire. However, Elon Musk’s recent decisions and judgments are costing his empire a great fortune, especially Tesla.
Musk Went on a Firing Spree
It was on October 27 when Elon Musk finalized the deal for the acquisition of Twitter. The first thing he did was to fire the executives of the social media giant, which also include Parag Agrawal.
It has been claimed that Musk took his social media disputes with Agrawal very personally and fired him for that. However, Elon Musk did not stop there as he continued firing many executives.
Altogether, Elon Musk fired over 150 executives, triggering over 1,200 employees to resign from Twitter to register their protest against Musk’s actions.
As the year 2022 began, Elon Musk was considered one of the heroes in social media and around the world.
Unfortunately, the Tesla CEO’s recent actions have made him a villain and as a result, his companies have started paying the price.
Tesla Shares are dropping
Due to the recent developments between Musk and Twitter’s former employees, Tesla has started falling short of supporters.
The data shows since the acquisition of Twitter by Elon Musk, share prices for Tesla have dipped 28%.
Tesla’s shares started to decline right after Musk acquired Twitter and appointed himself the CEO of the social media giant.
Other EV Makers are growing
It is quite surprising to see that the shares of Tesla are dropping due to Tesla’s actions on Twitter. This is because other major electric vehicle manufacturers are recording strong gains in their share prices.
The performance of Tesla’s rivals in the EV segment is moving upward such as Volkswagen, GM, and Ford.
As per records, the share prices for all of these companies have surged since October 27. The only companies that may be following Tesla’s lead are BYD and Rivian whose shares have plunged over 27%.
Recent Share Price Performance
On Wednesday, the share prices for Tesla experienced a 4%, trading at a low of $160.95. Although the majority of the tech and automotive stocks have been moving upward, Tesla is witnessing a decline.
Turns out, Elon Musk had not accounted for a tremendous fall in the share prices of Tesla for his activities involving Twitter.
It shows that investors are losing respect for Elon Musk, which is costing tremendously to his owned companies.
Leo Koguan, the largest retail shareholder of Tesla is also concerned because of the recent downfall in the company’s shares.
He has also demanded a call including the entire board where he wants to discuss the share price performance of Tesla. He may be asking for a share buyback to bring Tesla’s stock price situation back to normal.