Elon Musk is turning once again to his Tesla stock to fund his Twitter habit — and investors are getting frustrated.
"When does it end?" Wedbush Securities analyst Dan Ives asked in a distressed-sounding research note. "[Musk's further selling of Tesla stock] remains the worry," he added, saying it's turned into "a train wreck situation" for Musk's empire.At about $159 per share, Tesla still has a market capitalization of nearly half a trillion dollars, making it the most valuable automaker by a long shot.
While Tesla's challenges are coming from multiple places, including growing competition in EVs, there is a growingData from consumer insights firm HundredX shows that the share of Tesla owners that say they're likely to buy another Tesla had fallen 10 percentage points last month from May, taking it 5 percentage points below the industry standard, Bloomberg reported.
Sentiment about Tesla’s brand value turned more negative over the past few months, HundredX found, in addition to feelings about its quality, reliability and service."While we remain bullish on the long term thesis for Tesla and believe the stock is oversold, Musk continues to throw gasoline in the burning fire around the Tesla story by selling more stock and creating Tesla brand deterioration through his actions on Twitter," Ives said.
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