Tesla shares fell 8.12% Tuesday after Wall Street downgraded price targets on the electric vehicle maker’s stock. Analysts fear that CEO Elon Musk is distracted by his hostile takeover and micromanagement of Twitter, and that China sales will be affected by the Chinese government allowing COVID-19 to spread after ending its stance on harsh restrictions.
Tesla’s shares hit a more than two-year low of $138 at the time this article was published.
Analysts say investors are concerned Musk will sell more shares of Tesla to fund Twitter, and that his antics on the social media platform are hurting the EV maker’s brand. Last week Musk sold around $3.5 billion worth of shares, one of many stock dumps the CEO has done this year.
Some investors are calling on Tesla’s board of directors to replace Musk as CEO, to st …
