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How Tesla has fared since Elon Musk took over X
The Street
Follow
12/21/2023
TheStreet's J.D. Durkin dives into how Tesla's stock has done since Elon Musk acquired X.
Category
🥇
Sports
Transcript
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00:00
Ever since Elon Musk purchased Twitter last year, Wall Street and the world has wondered
00:05
how well the globe's wealthiest person could balance yet another business.
00:10
After all, he was adding a social media giant to a portfolio that already included names
00:14
like SpaceX, Neuralink, and The Boring Company, each one already at a scale that typically
00:20
demands its own devoted CEO.
00:23
And in case all that weren't enough, Musk also has, of course, Tesla, the only publicly
00:28
traded company under his umbrella of brands listed on the NASDAQ in 2010.
00:33
Elon Musk purchased Twitter on October 27, 2022, quickly appointing himself the "chief
00:40
twit" in the process.
00:42
At the time, many Tesla bulls warned that Elon Musk would be too distracted to focus
00:47
on his revolutionary EV car maker.
00:50
Investors are frustrated.
00:51
We're obviously frustrated.
00:52
We've talked about it because they have fundamental issues that they're dealing with.
00:58
You see them sort of coming off some of the growth, hyper growth we've seen.
01:02
Daniel Musk and the pilots he navigated in the storm, not a tech striker situation.
01:08
The impact on Tesla stock was swift as shares fell 45% in the first few months alone.
01:14
Eventually he did name a new CEO for the newly rebranded X, longtime ad executive Linda Iaccarino.
01:22
That paved the way for 2023 as Tesla was included in what most investors refer to as the "magnificent
01:28
seven," a collection of splashy pro-growth stocks that together account for nearly 30%
01:33
of the entire S&P 500.
01:37
As the magnificent seven goes, so too goes the market, and Tesla has significantly outperformed
01:42
the S&P up over 100% in 2023.
01:46
And that stock price success comes despite a mountain of self-inflicted controversies
01:51
by Musk himself.
01:52
The New York Times reported in March that Twitter's value had fallen from the $44 billion
01:57
Musk paid for it down to $20 billion.
02:00
Elon Musk then attacked the Anti-Defamation League and he was quickly accused of anti-Semitism
02:06
on the platform as well.
02:07
Although Tesla stock has undoubtedly been a leader in the S&P 500, it has had its dips.
02:14
After a lackluster earnings report in October, the stock fell more than 9% with Musk saying
02:19
that previously announced price cuts were ineffective with interest rates so high.
02:24
The company also saw deliveries fall by almost 7% from Q2 to Q3.
02:29
Tesla and the entire stock market rallied soon after during a dominant November.
02:35
Tesla has also modified the prices for its popular Model 3 and Model Y vehicles, further
02:41
solidifying its status as the top dog of U.S. EV manufacturing.
02:46
There's little doubt that despite a dizzying portfolio of companies under Elon Musk's reign,
02:51
Tesla will continue to be one of the most watched stocks in 2024.
02:56
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