Tesla faces a ‘brand crisis tornado.’ The one guy who can fix it is MIA
CNN
Elon Musk seems to be everywhere these days, just not in the place he’s most needed: At the helm of his flailing electric vehicle company.
Elon Musk seems to be everywhere these days, just not in the place he’s most needed: at the helm of his flailing electric vehicle company. Tesla is the worst-performing stock in the S&P 500 so far this year. Sales are falling around the globe. The US resale market is crumbling. Tesla’s militaristic Cybertruck is under a recall order because of an exterior panel that can fall off the vehicle while driving. And according to an analysis by the Financial Times, there’s about $1.4 billion that just sort of disappeared from the company’s balance sheet. That’s to say nothing of the company’s brand identity. Tesla was once a badge of pride for upwardly mobile, environmentally conscious lefties. More recently, it has become a talisman of an increasingly authoritarian right wing. Investors — even Tesla’s staunchest supporters — are rapidly losing patience. On Thursday, Wall Street’s No. 1 Tesla bull pleaded with Musk and Tesla’s board to “stop being silent” and fix their mess. “Let’s call it like is: Tesla is going through a crisis and there is one person who can fix it … Musk,” wrote Wedbush Securities analyst Dan Ives in a note to clients. “Tesla is Musk, and Musk is Tesla. They are synonymous and cannot be separated.”
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