{"id":7489,"date":"2023-05-11T18:42:24","date_gmt":"2023-05-11T22:42:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tesla-stock-jumps-why-investors-are-celebrating-a-new-twitter-ceo\/"},"modified":"2023-05-11T18:42:25","modified_gmt":"2023-05-11T22:42:25","slug":"tesla-stock-jumps-why-investors-are-celebrating-a-new-twitter-ceo","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7489","title":{"rendered":"Tesla Stock Jumps. Why Investors Are Celebrating a New Twitter CEO."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000644245\">\n<p>Elon Musk said that he has found a CEO for Twitter but didn\u2019t say who it was.<br \/>\n        Tesla<br \/>\n      \u00a0investors are happy nonetheless. <\/p>\n<p>The Tesla (ticker: TSLA) CEO posted on Twitter at about 3:45 p.m. ET, \u201cExcited to announce that I\u2019ve hired a new CEO for X\/Twitter. She will be starting in ~6 weeks!\u201d <\/p>\n<div class=\"paywall\">\n<p>It was a relief for Tesla investors. Tesla stock jumped roughly $3 after the tweet. Shares closed up $3.54, or $2.1%, at $172.08. The<br \/>\n        S&amp;P 500<br \/>\n       closed down 0.2%. The<br \/>\n        Nasdaq Composite<br \/>\n       gained 0.2%. Tesla stock was up another $1.20, or 0.7%, in after hours trading at $173.28 a share. <\/p>\n<p>Investors have worried about the issue of Musk being too busy with, or distracted by, his social media platform. Tesla stock was about $225 a share before Musk took over Twitter. Shares closed out 2022 at about $123, falling about 45% over a span when the Nasdaq dropped about 3%. <\/p>\n<p>Management distraction is difficult to measure. Musk has been involved in Twitter for about a year. Perhaps no Twitter could have mean faster development of a lower-priced new model or a faster launch of Cybertruck. That\u2019s only speculation. Tesla didn\u2019t respond to a request for comment. <\/p>\n<p>Tesla and Musk did seem to be aware of the distraction issue. Tesla\u2019s March investor event featured a lot of managers that investors haven\u2019t heard from in the past. It\u2019s the first time investors got a chance to evaluate the depth of Tesla\u2019s management talent.<\/p>\n<p>How much of the underperformance was related to the car market, the overall economy or Musk\u2019s Twitter purchase is hard to say. Investors are viewing the hiring of Twitter CEO as a big deal.<br \/>\n        Future Fund Active ETF<br \/>\n       (FFND) co-founder, and Tesla shareholder, Gary Black simply tweeted out \u201cAwesome! Great for Tesla shareholders and great for Twitter.\u201d<\/p>\n<p>Black told <em>Barron\u2019s<\/em> the decision to hire a CEO could be worth 3% to 5% for Tesla stock in the short run. \u201cIt\u2019s still six weeks away,\u201d adding \u201cIt suggests Twitter has to be doing much better.\u201d<\/p>\n<p>Twitter performing better would benefit Tesla shareholders in a tangential way, by lessening pressure for Musk to sell Tesla stock to fund losses at Twitter. Musk stock sales have been a frustrating source of Tesla stock volatility for Tesla shareholders. <\/p>\n<p>\u201cI am confused to why [Tesla\u2019s] board of directors allowed Elon to crash Tesla stock price,\u201d Leo Koguan told <em>Barron\u2019s<\/em> recently. He is one of Tesla\u2019s largest individual shareholders and was buying stock while Musk was selling stock at the end of 2022. <\/p>\n<p>Koguan also pointed out that the<br \/>\n        Disney<br \/>\n       (DIS) board made a CEO change and the old CEO wasn\u2019t \u201cworking in another company full time.\u201d <\/p>\n<p>Musk, however, has always had more than one job while running Tesla. Investors hadn\u2019t complained much before Twitter. <\/p>\n<p>Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/musk-announces-new-twitter-ceo-81418315?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk said that he has found a CEO for Twitter but didn\u2019t say who it was. Tesla \u00a0investors are happy nonetheless. The Tesla (ticker: TSLA) CEO posted on Twitter at about 3:45 p.m. ET, \u201cExcited to announce that I\u2019ve hired a new CEO for X\/Twitter. She will be starting in ~6 weeks!\u201d It was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-7489","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tesla Stock Jumps. Why Investors Are Celebrating a New Twitter CEO. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Elon Musk said that he has found a CEO for Twitter but didn\u2019t say who it was. Tesla \u00a0investors are happy nonetheless. 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