The electric car company is more valuable than its rivals because of investors’ confidence in Elon Musk’s vision, but his ownership of Twitter and increasingly erratic behavior are eroding it.
who’ve relegated Musk to a list of divisive figures that includes Donald Trump, Marjorie Taylor Greene, Alex Jones and Kanye West. At the same time, Musk has been using Twitter to mock or lash out at politicians, mainly Democrats, including President Joe Biden, Representative Alexandria Ocasio-Cortez and Senator Ed Markey, seemingly for his own amusement. But Markey’s response underscored why that wasn’t the wisest move.
But Musk’s biographer didn’t foresee his failures: Tesla’s troubled purchase of Musk’s SolarCity ahead of the solar power company’s potential bankruptcy; his inability to turn the science fiction-inspired Hyperloop concept into anything more than single-lane car tunnels to ferry tourists beneath the Las Vegas Convention Center at low speed.
Investors are taking notice of these weaknesses. For example, hedge funds “seem to be shifting to a negative bias on stock,” Osborne said, citing conversations with finance officials. They are “increasingly concerned about a loss of focus for CEO Elon Musk with his Twitter acquisition,” he said. That decline in consumer interest could be an anomaly and improve in the year’s remaining months. But it may reflect the reality that companies including General Motors, Ford, Hyundai, Kia, Audi, BMW, Mercedes-Benz, Rivian, Lucid and many more are bringing compelling new electric vehicles to the market that compete directly with Tesla—and in some cases offer features or pricing that are more compelling.
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