You can be on Entrepreneur’s cover!

Tesla Investors Complain That Elon Musk Is Spending Too Much Time on Twitter — On Twitter As Tesla's stock falls, there are increasing calls for Musk to return to his duties as CEO or pass the baton.

By Jonathan Small

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

This has not been a stellar week for Tesla.

Shares are down nearly 13%, and yesterday company CEO Elon Musk disclosed that he sold 22 million shares of his Tesla stock, amounting to $3.6 billion.

Related: Elon Musk Isn't the World's Richest Person Anymore — Here's Who Stole His Title

Some Tesla investors have begun to blame Musk's lack of focus for the company's decline. They say he's been too distracted by Twitter, which he bought in October for $44 billion, noting that he's spent the last several weeks working from the company's San Francisco office, hosting audio chats, and engaging in too much public discourse about Twitter's new features and policies.

Perhaps ironically, many of these frustrated investors have turned to Twitter itself to vent their anger.

"I expect the Tesla Board to ramp up pressure on Elon to find a talented, driven 24/7 media exec to run Twitter so Elon Musk can refocus all his energies on running Tesla," tweeted Tesla investor Gary Black, who is Managing Partner, The Future Fund LLC.

Twitter investor Ross Gerber, the co-founder of Investment Advisor, agreed, tweeting that Tesla's fortunes would turn around if the company found an interim CEO.

In a letter to Tesla board chair Robyn Denholm and senior director of investor relations Martin Viecha, Nancy Levine asked: "What, if anything, is the Tesla board of directors doing to protect shareholders from the damages inflicted by Mr. Musk's Twitter activity?"

The letter was posted on Twitter, naturally.

But not all investors are concerned about Musk's latest actions.

Tesla investor Galileo Russell told The Washington Post that although he thinks Musk has gotten a little too political lately, he still supports him.

"I hold all my Tesla shares and continue to believe Elon is the best CEO on the planet and best person to run Tesla," he said.

Musk himself has told investors not to worry— albeit through Twitter.

"I will make sure Tesla shareholders benefit from Twitter long-term," he tweeted earlier this week.

Jonathan Small

Entrepreneur Leadership Network® VIP

Founder, Write About Now Media

Jonathan Small is an award-winning author, journalist, producer, and podcast host. For 25 years, he has worked as a sought-after storyteller for top media companies such as The New York Times, Hearst, Entrepreneur, and Condé Nast. He has held executive roles at Glamour, Fitness, and Entrepreneur and regularly contributes to The New York Times, TV Guide, Cosmo, Details, Maxim, and Good Housekeeping. He is the former “Jake” advice columnist for Glamour magazine and the “Guy Guru” at Cosmo.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Resumes & Interviewing

Build a Better Resume with This $35 Subscription

AI Resume Builder promises to help you apply to jobs twice as fast.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.

Marketing

I Got Over 225,000 Views in Just 3 Months With Short-Form Video — Here's Why It's the New Era of Marketing

Thanks to our new short-form video content strategy, we've amassed over 225,000 video views in just three months. Learn how to increase brand awareness through short-form video content.

Business News

Samsung Makes 6 Day Workweeks Mandatory for Executives as the Company Enters 'Emergency Mode'

Samsung said its performance "fell short of expectations" last year. Now executives are required to work weekends.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Leadership

You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.