After losing $800 bln, Tesla investors look for a new boss ‎

Tesla is witnessing a state of turmoil during the current period, as some investors believe that if its CEO, Elon Musk, was preoccupied during that period with the Twitter company, which he recently acquired, then its board of directors must find a replacement for him.

Tesla’s stock fell by about 60% from its record level of $400, and has fallen by 55% since the beginning of this year, and those losses erased about $800 billion from the company’s market value.

Musk blamed the weak economy for the decline in Tesla

However, investors see that there are other reasons for the company’s performance. The first is that managing Twitter will take Musk longer than the other companies he is responsible for managing. The second reason is Musk’s practices as CEO of Twitter, as well as his political tweets that harm the brand.

Also, the objections to Musk extended to the third largest investor in Tesla – Kuguan Liu – who stated that Musk had left the company and that it now did not have a CEO, stressing that the company needed a full-time CEO.

The company’s stock interacted with these disturbances, as it fell by about 4% during the Friday session.