It has been long three weeks or so for Elon Musk after his Twitter takeover was finalised. The world's richest man seemed to be busy running from pillar to post, one tweet at a time, in an effort to overhaul the microblogging site. So far, the changes he has brought forth, which includes mass layoffs, have not been received well by users, advertisers or other important stakeholders of the company. Interestingly, another company owned by the billionaire seems to be having a hard time since he bought Twitter.
Tesla's share price has dropped around 17 per cent since the Twitter takeover. While it cannot be entirely attributed to Musk's acquisition of Twitter, it has to be highlighted that Musk's sale of almost $4 billion worth of Tesla stocks following his Twitter purchase has led to a selling frenzy, pulling the automotive company down.
Since taking over, the new Chief Twit has spent too much of his time at Twitter headquarters (HQ), even ending up sleeping there. He has admitted that he will continue to work and sleep at the company's San Fransisco HQ until the company is fixed. He is also seen forcing his Twitter employees to spend long hours at the office, after work-from-home options were taken away.
These moves do not bode well for his other companies, especially Tesla, because investors are worried that Musk is too held up by his newest acquisition. Wedbush analyst Daniel Ives puts it thus: "Musk has managed to do what the bears have unsuccessfully tried for years – crush Tesla's stock."
On top of this, Musk has reportedly told that he might not continue as the CEO of Tesla and Twitter. This shocking statement came during a court trial that was challenging his huge package at Tesla. “CEO is often viewed as somewhat of a business-focused role, but in reality, my role is much more that of an engineer developing technology and making sure that we develop breakthrough technologies,” said Musk, according to a report by The Verge.
Regarding his leadership role at Twitter, the Chief Twit reiterated that he does not intend on staying the CEO of Twitter forever and that there will be an effort to find a replacement soon. Notwithstanding whether he continues as CEO of Tesla and Twitter, there is no doubt that many of the investors in his companies are worried about the future of their investments. Musk's erratic decision making at Twitter can possibly jeopardise more than just the social media company.