Last month, Tesla CEO, Elon Musk, announced that he had hired a new leader for Twitter, the social media company he owns. It’s believed that Linda Yaccarino, the new Twitter CEO, will begin her tenure at Twitter soon, and investors will be watching.
Twitter’s Current Outlook
The new Twitter CEO is beginning in rough waters as Twitter is currently up against a 59% year-over-year decline in advertising revenue, and the decline is expected to continue.
The social media platform has long been known for cultivating a culture of negativity, something that Musk has vowed to change. However, the questions that the new Twitter CEO needs to answer could potentially follow Tesla around, as both companies are owned by Musk.
Future of Tesla Share Prices
Tesla CEO, Elon Musk, is well-known for both innovation and uneven leadership. Now, he’s somewhat dependent on new leadership at another company he owns to reflect well on his own business acumen.
Tesla stock (TSLA) has been up and down in recent months, partially due to Musk’s need to liquidate some of his shares in order to purchase Twitter. Its shares have lost 14% of their value over the last six months in particular.
However, the stock has rallied recently, thanks to recent news. When Tesla revealed that all Model 3 vehicle trims are eligible for the Inflation Reduction Act tax credit, it sent shares up 4.6%.
Tesla’s Model Y is currently the world’s best-selling vehicle. Following that success, Musk says that the company is building two new products and making plans to start advertising them. However, he’s also plagued with rumors that he will step down as CEO and there’s currently no way to know if the leadership changes at Twitter will free Musk up to focus on Tesla.
Good To Know
Investors should remain observant and monitor the auto maker’s progress or lack thereof carefully, as Tesla will continue to be in unchartered waters to some degree even if it hits its current targets.
While Tesla’s stock has been climbing back up, there’s no guarantee that it will stay. Investors who are curious about whether or not this is a good time to buy Tesla stock should follow the impending leadership change at Twitter closely, and proceed with caution.
FAQHere are the answers to some of the most frequently asked questions regarding Tesla.
- Who owns most of Tesla?
- Tesla's co-founder and CEO, Elon Musk, is the company's largest individual shareholder. He owns about 13% of Tesla's stock.
- Who is Tesla's biggest customer?
- China is currently the company's biggest customer. In Q1 2023, 94,469 Tesla vehicles were sold in China vs. 83,664 in the U.S. and 71,114 in Europe.
- Does Warren Buffett own Tesla stock?
- Warren Buffet does not own Tesla stock. Although he could change his mind in the future, Buffett has stated that he feels uncertain about where the auto industry will be in 5-10 years. As a result, he has not invested in the electric auto maker's stock.
- What percentage of the U.S. owns a Tesla?
- Approximately 1% of U.S. cars are electric, according to recent estimates. Of those, Tesla is the most popular, followed by Kia and Ford.
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- J.D. Power. 2023. "What Percent Of US Car Sales Are Electric?"
- The New York Times. 2023. "Twitter’s U.S. Ad Sales Plunge 59% as Woes Continue."
- Reuters. 2023. "China was top market for Tesla Model Y, world's best-selling car in Q1."
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- Nasdaq. 2023. "Tesla (TSLA) Stock: The Impact Of Twitter's New CEO."
- Axios. 2022. "Elon Musk: Twitter to deemphasize "negative" tweets."
- CNN. 2023. "Elon Musk is no longer the CEO of Twitter. Linda Yaccarino officially starts in role."
- Investor's Business Daily. 2023. "Is Tesla Stock A Buy Or A Sell With The Model Y Now The Bestselling Vehicle In The World?"
- Capital.com. 2023. "Tesla shareholders: Who owns the most TSLA stock?"
- Investor's Business Daily. 2023. "Tesla Stock Hits 2023 High With $32,000 Starting Price For Model 3."