Musk says ‘Tesla is on my mind 24/7’ amid concerns over Twitter distraction

SAN FRANCISCO, May 19 (Reuters) – Tesla (TSLA.O) CEO Elon Musk said on Thursday that “Tesla is on my mind 24/7” trying to assuage public concerns. investors about being distracted by a Twitter (TWTR.N) deal that depressed stocks of the electric car company.

Posting a photo showing a woman (Tesla) upset by her boyfriend (Elon) staring at another woman (Twitter), he said: “It may look like below, but it’s not. “

“To be clear, I’m spending <5% (but actually) of my time on acquiring Twitter. It's not rocket science!" he tweeted.

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“Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7.”

Tesla opened its new car plant in Texas this year, and Musk’s rocket company SpaceX has a launch site known as Starbase in Boca Chica, Texas.

Tesla shares have lost a third of their value since the billionaire revealed his stake on Twitter in early April and sold $8.5 billion worth of Tesla shares in a move meant to help fund his deal $44 billion Twitter.

Actions that hurt stocks more are China’s lockdown measures that have curbed Tesla’s production and Tesla’s exclusion from a widely followed S&P sustainability index. Read more

Tesla bull Daniel Ives, an analyst at Wedbush, slashed Tesla’s stock price target on Thursday due to China’s production halt and warned of “distraction risks” from the Twitter deal. Musk.

Leo KoGuan, a major individual investor in Tesla, on Thursday called on the electric car maker to buy back shares.

“Tesla must immediately announce and repurchase $5 billion of Tesla stock from its free cash flow this year and $10 billion from its free cash flow next year, without affecting its existing cash reserves. $18 billion with ZERO debt,” KoGuan said in a Twitter post. to Tesla’s head of investor relations, Martin Viecha.

Viecha was not immediately available for comment.

Last year, KoGuan, Tesla’s third-largest individual shareholder, said he was investing billions in Tesla because he believed in Musk’s “great mission that I share”. He said in March that he was buying more Tesla shares and not selling during the stock decline.

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Reporting by Hyunjoo Jin Editing by Nick Zieminski and Chris Reese

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