Tesla In Revolt! Elon Musk Called Out By Angry Shareholders

By | December 22, 2022

Tesla shareholders are furious at CEO Elon Musk for distracting himself with Twitter as the electric car company’s stock loses 60% of it’s value over the past year. Jayar Jackson and Adrienne Lawrence break it down on The Watchlist. Watch LIVE on weekdays at noon ET.

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“A growing chorus of Wall Streeters covering Tesla’s stock are becoming more cautious on the name heading into 2023, adding to a brutal month and year.

EvercoreISI analyst Chris McNally slashed his price target on Tesla’s stock to $200 from $300 on Tuesday, joining bearish takes in the past week from Goldman Sachs, Wedbush, and Oppenheimer.

“While we continue to view Tesla as having a leading EV gross margin advantage from global scale, vertical integration, and US IRA [Inflation Reduction Act] benefits, it is impossible to ignore that investors are already well aware of these benefits but now must ALSO battle test demand assumptions for 2023-2025,” McNally said in a new note to clients.

Tesla shares fell another 8% in Tuesday trading, closing at a low not seen since late 2020.

Added McNally: “While a positive revision cycle may not be done forever (IRA a powerful unit/margin amplifier), it’s hard to ignore the prevailing Tesla thesis drift from 1) Unlimited demand/Rev to 2) Margin ‘story,’ that has occurred over the last 6-12 months.”

McNally’s take comes after a frenzied day for Tesla investors.

Shares of the EV maker opened up on Monday amid hopes CEO Elon Musk would step down from the same post at Twitter.”

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You know you could argue um Russ you Among many other investors in Tesla as Well certainly pressuring Elon Musk who You know you have said among many tweets That you just think this is unacceptable That so much of the value from Tesla has Been a race is a result of elon's Distraction with Twitter I wonder what Your bigger concern is here is it about The the sale of his Tesla shares is it About the distraction is it about the Brand dilution because of what he's been Saying on the platform Well it's really a combination of three Things that have really bothered me and That's why I've announced that I'm Running for the board of Tesla it's time For Tesla's board to wake up and do Their job One of the money makers over there are Money holders over there at Tesla Ross Gerber investor Ross Gerber is very Upset at the way Elon Musk is running or Not running Tesla and he's looking to Replace or at least jump on that board And do things differently so he's openly Calling out Elon he continued to talk About what he was looking to do uh with That seat And they've done nothing absolutely Nothing a disgraceful nothing not a word From anybody so it's time for somebody To move over and let me be there because I will do three things of immediately

One is transparency it's very important That we know what is the plan either for Secession of Tesla eventually like if Elon died what would be the secession Plan and then secondly what is the Current short-term plan for Tesla's Management and bringing Elon back to Tesla and what is the time frame for That number two there needs to be Transparency with the media needs to be Very clear to people what's actually Happening at Tesla and Tesla has done a Poor job of that since Elon stopped Telling everybody what's happening at Tesla as he's focused on Twitter a Really important time for them and Thirdly I think it's crucially important That we end the stock sales or have Transparency to what stock sales will or Will not be happening into the future Ross ain't playing the fact he went on Twitter and he's saying even more elon's Twitter he said Tesla stock price now Reflects the value of having no CEO Great job Tesla bod time for a shake up Of course Elon Musk responds because he Has to Be a Twitter please tell us your great Ideas Ross uh pause for a second you Know it's the solution at least On the surface from Elon Musk there on Twitter is tell us your ideas That's kind of what it seems to be all That Elon does is tell people his ideas

Whether or not they're uh factual or Whether or not they're feasible whether Or not he's going to do them whether or Not he can do them uh he just says his Ideas and then if part of them comes Into play then Many times it's a disaster he just wants Ideas not Solutions just some ideas uh So moving on because Elon continued on Because that couldn't be all he had to Say throughout this threat after he said Tell us your ideas Ross Ross didn't Respond he said as I tweeted earlier my Three points he went to those things Tesla needs a media and comms team Tesla Needs a secession plan as well as Clarify when Elon will be back from Twitter and also Tessa needs to Communicate about Elon stock sales Instead and a stand still agreement Should be made I'm not sure if you understood that but They said go back and read your old Securities analysis 101 textbook I got Him now I win uh and continued on 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 that's his Explanation as to why the Tesla stock is Dropping Um but in reality part of it was how

He's dipping into it and how he's Changing things and how he's putting up Uh polls all the time and then openly Saying you should support this fascist Uh president all things like that Let's go to those details too from Bloomberg the Discord comes as Tesla Stock is down more than 60 percent since The start of the year Dragging its valuation below the half Trillion dollar Mark for the first time Since November of 2020. musk has sold Nearly 40 billion dollars worth of Tesla Stocks since late last year much of that Going to fund his purchase of Twitter of Course also the EV Company stock has Plummeted over 50 percent this year Although six shares of the company did Bounce back slightly and think about Look at this slightly after musk then Floated the possibility of stepping down As the CEO of Twitter on some random ass Uh Twitter poll so it's not simply just Oh you know as those savings didn't Increase uh you know people didn't pull Their money out then that stock drops a Little bit there's lots of drops and We're seeing them correlate with the Actions that he's doing on other Platforms that one platform that he Bought and took billions of dollars from His stock to do so Um so this battle continues Um honestly are either these ones really

Worth not worth or able to save and push To the next level agent um what do you Think is Ross the answer All right so I think that oftentimes These um individuals who come from Certain privileged places like to think That they have all the answers uh and What I would love to see is someone to Uh display some wisdom and realize that They don't have all the answers but Maybe they'll put people in places who Do and so when I see someone with that Humility not go on some kind of Pick Me Tour I know everything I am the best and They say you know what we need this Person for this this for this and this Person is exceptional at this that's What I'm going to start saying yeah okay I like this person I like the way in Which they are going about it because Right now it just seems like a x Measuring contest in terms of who has All the knowledge and who is the person Who should do this as opposed to who's Actually going to be wise and moving Forward and in terms of the interaction Between musk and Gerber online where Musk says show me ideas if you notice This is the pattern of musk where Someone will say oh well I only think The blue verified people should be able To comment on moving forward and Elon Says oh great idea and implements it and Then what two weeks later comes back and

Says no like this is what Elon does in Terms of you throw something at him and He tries it and while there are Extremely extremely beneficial Um like things that come with taking That kind of let's try it approach not At this level not when it's random People responding on social media Essentially I think all of this is very Lost and it's these extremely wealthy One percenters playing with uh things That really impact you me we the people And it's not okay it's very simple Approach to I think business I'm no Businessman but I've been in positions Even from College jobs as a supervisor We had to hire people and work with Folks it was all student run type of Things it's the only reason I'm saying It that was because that's a very basic Simplistic business it was a campus run Business that I worked at and I had to Hire folks and it made a difference Which got folks I hired and then how you Treated them once they were there it Wasn't all me it's that's the thing if You understand how to may be managed Folks and have the right people in right Places that are qualified to do those Things then you end up looking great if You treat them well but if you just say I'm the brain child it's all me me you Don't know anything it shines Yeah yeah I know they call that

Um oh gosh I can't remember because you Know I I teach about bias and certain Mindsets and my day job and Overconfidence bias is what it is and as A result of that you have so many blind Spots and you end up getting your Company your entity organization into so Much trouble and so you know who the True wise individuals are they put People around them who specialize in That area who've read the research and Who know things work before they just Implement it and see what happens Causing control chaos and then go oop it Didn't work we're gonna pull it back It's it's So easy honestly I mean if you have the Resources in the position to do that It's not easy for any business owner but If you have the ability to do it and you Have some humility I've said this before People say oh man we're going to like This new president he's going to change Everything he can't he doesn't know all That stuff and also he doesn't have the Power to do so but if you admit you Don't know everything and poop you in Place that do know those things you Don't know guess who looks so good But ego gets in the way every time That's why it's I you know I guess the Former president's the same way that's Why people follow him as well they think We're supposed to support and worship

Businessmen that don't really do any Business