Elon Musk-led electric vehicle manufacturer, Tesla, had its share price fall even more on Wednesday, to its lowest level ever, as Elon Musk once more pointed the finger at global macroeconomic conditions.
Since Musk acquired Twitter in April of this year, the price of Tesla has fallen precipitously. Since then, Tesla stock has fallen more than 60% as Musk has been preoccupied with micromanaging Twitter operations.
Tesla bull Ross Gerber tweeted: “Tesla stock price now reflects the value of having no CEO. Great job tesla BOD — Time for a shake up. $tsla.”
Musk replied: “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”
Gerber further said that “Tesla needs a media and comms team; Tesla needs a succession plan as well as clarify when Elon will be back from twitter; Tesla needs to communicate about Elon’s stock sales and a stand still agreement should be made”.
Elon Musk last week blamed the Federal Reserve for the current scenario, claiming his electric car company is operating better than ever while Tesla stocks plummet amid steep losses.
With Tesla stock down, Musk’s net worth dropped to $174 billion, moving him to second place on the list of the world’s richest people, after French fashion and cosmetics mogul Bernard Arnault.
In 2022, Musk’s net worth decreased by more than $100 billion.