Owner or Twitter and Tesla CEO Elon Musk has announced that he is handing oversight of the popular social media platform to a mysterious new CEO. According to Musk, “It will start (approximately) 6 weeks,” and her arrival will make Musk’s new role “(CEO) and CTO, overseeing products, software, and computer hardware.”
At the time of writing, it had been exactly an hour since Musk told the world that Twitter would have a new CEO. At that time, the price of Tesla (TSLA) – Get a free reportStocks started to rise significantly.
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Tesla stock gained total traction of over $3 a share by the market close. The rise in price is undoubtedly an indication that Tesla buyers feel more confident about Musk’s priorities.
Holding his CEO’s hands in several cookie tins — Twitter, Tesla and SpaceX seem like a lot to juggle. Less than a month before the announcement, a group of Tesla shareholders wrote a letter expressing concerns about Musk’s interest split.
Corporate boards can and should step in if a CEO appears distracted or overly focused on other projects. However, the board has allowed Elon Musk to run so many companies, resulting in an inability to address the multiple strategic and competitive issues facing Tesla. , “is reading letter.
It came a week after Tesla reported its weakest profit margin in more than two years while adjusted earnings fell more than 20% year-on-year. The letter estimates that Tesla has lost nearly $600 billion in market value since Musk’s acquisition of Twitter in April of 2022.