Why Tesla investors may need to worry about Elon Musk's Twitter distraction
CNN
Tesla is in a highly competitive electric car market. It has no chief operating officer. And CEO Elon Musk was already busy juggling leadership roles at SpaceX, The Boring Company and Neuralink before he launched an unsolicited takeover offer for Twitter. That's a lot of distractions. And it may be one too many for Tesla investors.
Tesla's stock (TSLA) fell nearly 4% Thursday after Musk disclosed that he had made a more than $41 billion bid to buy Twitter (TWTR). Shares of Tesla did rise a bit Monday but they are still down 6% so far in 2022.
The good news (if you want to call it that) for Tesla shareholders is that the stock is not off nearly as much as traditional automotive rivals GM (GM), Ford (F) and Chrysler owner Stellantis. Shares of Detroit's Big Three have each plunged more than 20% this year.
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