NEW YORK - Fed up with Elon Musk’s antics on Twitter, longtime Tesla investor Trevor Goodwin recently sold US$30,000 (S$40,700) of the electric car company’s stock.
Mr Goodwin, 46, started investing in Tesla about five years ago, and he and his wife both own vehicles from the company. He once talked up the cars to all his friends. Now, he’s offloaded most of his shares, keeping only about US$500 worth. He said he’s no longer willing to deal with the erratic behaviour of its billionaire chief executive officer.
“It’s almost like he’s abandoned us in favour of his new mission,” the business analyst said.
Mr Musk recently completed his US$44 billion acquisition of Twitter after a tumultuous year filled with lawsuits, public fights and squabbling about spam bots. The CEO has sold at least US$36 billion of his own Tesla shares to fund the buyout, and broader concerns about how he’s dividing his time between his many companies have also weighed on the car company’s stock, which is down about 50 per cent this year.
Tesla shares have been hit by a broader slump in technology stocks, supply-chain snarls, rising raw-material costs and lockdowns in China. But there’s no doubt the Twitter deal and Mr Musk’s subsequent share sales have added to the downdraft.
Mr Musk has said that adding Twitter to his workload, which also includes running SpaceX, means he works 120 hours a week, up from 70 to 80 previously.
Mr Musk’s own net worth has dropped by more than US$99 billion in 2022 to US$170.9 billion, according to the Bloomberg Billionaires Index. He’s now at risk of losing his spot as the world’s richest person for the first time since 2021. As of the close of trading on Wednesday, after Tesla’s stock fell for a ...