Elon Musk’s takeover of Twitter causes the brand’s stock to plunge in 2022

Tesla shares plummeting. Since his overpaid takeover of Twitter and his many political controversies, Elon Musk has fallen from his pedestal, dragging down the historic heart of his success: Tesla. Usually for the Californian brand, the end of the year is the time to draw up the exceptional balance sheet of the company. The market value of the 100% electric brand has only increased in recent years, and had even become higher than that of all the other historic manufacturers combined.

But for the year 2022, that has nothing to do with it: Tesla shares have fallen 70% in one year, with more than half of this spectacular loss concentrated in the month of December alone. Proof that beyond the difficulties encountered by the automotive sector, with various shortages or even the closure of the Tesla mega-factory in China because of the Covid, there is indeed an Elon Musk effect since his takeover of Twitter.

controversial tweets

Until then, the escapades of the billionaire were rather smiling, but now, his very political positions have a direct impact on the image of Tesla. For example, when the new boss of Twitter announces the suspension of journalists’ accounts on the social network, the next day, Tesla loses 4% on the stock market.

Just this week, one of his ironic and seemingly misunderstood tweets in response to comments by former Russian President Medvedev sent Wall Street down 11% in a matter of hours. Worse, Elon Musk’s outings could eventually have serious consequences… on the road.

Insults and denial of priorities

According to an article in the American media Axios questioning owners of Tesla in the State of Iowa, the owners of a vehicle of the Californian mark would be more touched by the incivilities of the other drivers, than with a car of another mark. Fishtails, refusal of priority, insults for no apparent reason… Teslas would be targets on wheels.

If the news site specifies that these daily attacks against Tesla are above all due to the fact that they are electric cars, the recent slippages of Elon Musk could also have an incident on these malicious actions, explains the spokesperson. of a local association promoting electric vehicles, Brian Miller.