- Poll 57.5% in favour of his exit as microblogger CEO
- Musk originally said he would stand by final poll result
- Tesla stock down 62% in 2022
Tesla (TSLA:NASDAQ) investors will be relieved if Elon Musk stands down as boss of Twitter as it would hopefully let him spend more time running the electric vehicle company after months of being distracted by the social media platform.
Apparently, he’ll let the people decide, and the latest results of the poll show that the public want him to step down from running Twitter.
If he’s as good as is word, the mercurial entrepreneur will have scope to address the sharp slump in Tesla’s share price, focusing on what the hundreds or thousands of retail investors care about. The stock has really got it in the neck this year - down 62% at $150, when adjusted for stock splits.
That’s way worse than the S&P 500 (off 20% in 2022) and the Nasdaq Composite (down 32%). Tesla used to be a trillion-dollar company - it’s currently valued at $470 billion.
What we know about Musk is that he understands how to make money for himself and his investors, a very valuable skill to have.
Tesla shareholders will be crossing their fingers that spending more time on the electric vehicle company and less ranting on social media will return the Tesla share price to the levels seen in the past.
