The electric car maker Tesla has witnessed a downfall of its stock value by 4% following a rough weekend from its CEO Elon Musk. To fight his critics, Musk has taken up the Twitter account; however, Musk had drawn criticism last weekend when he proposed an idea to the rescue diver to create a small submarine for the rescue mission of Thai soccer team, in which he is willing to help the diver by providing the submarine and technical support. The diver Vern Unsworth criticizes the efforts taken by Musk and in exchange of tweets Musk calls the diver a pedophile. This followed when diver tweeted that Musk wanted to help to get a PR stunt and come to limelight.
Vern, the diver involved in the rescue mission of the Thai soccer team, said in a statement that he will be going to sue Elon Musk. Meanwhile, the Tesla’s shareholders are worried about the Musk’s erratic behavior which has cost them and expressed concern regarding this. As the market opened, Tesla’s stock saw a downfall of 2.8% and after an hour of trading it fell again by 1%. Ultimately to 4%, all just because of one tweet made by Musk.
Similar to this situation, in May the company suffered because of erratic behavior of Musk at the recent earnings call of the company, where an analyst asked some question regarding the capital requirement for its Model 3 production, and Musk cut them by saying boring questions.
Investor of Tesla is seriously raising concern regarding Musk; one of the largest investors said in a statement that Elon Musk should lay off the Twitter account and must focus on the welfare of the company, execution of the goals set by the company and peace. Also, Musk said in a recent interview he would be less combative on Twitter.