Wall Street Analyst Outlook
Musk Signals Absence from Upcoming Earnings Call, Sparking Investor Concerns
[Asia Economy New York=Correspondent Baek Jong-min] Speculation has arisen that Elon Musk, CEO of Tesla, may step down from his position.
Investment firm Bernstein claimed on the 6th (local time) that Musk might resign from his role as Tesla CEO.
Tony Sacconaghi, an analyst at Bernstein, cited Musk's announcement during the Q2 earnings call that he would not attend future earnings events as the main reason.
Sacconaghi said investors are concerned that Musk might step down as CEO or even leave the company entirely.
Musk is reportedly struggling with simultaneously serving as CEO of Tesla, SpaceX, and The Boring Company. Because of this, there is speculation that he may focus more on SpaceX instead of Tesla, which has been delivering strong results.
Investment information firm The Motley Fool interpreted the 2.2% drop in Tesla's stock price below $700 on the same day as investors reacting sensitively to the possibility of Musk's resignation.
Additionally, the fact that Musk and Tesla were not invited to the electric vehicle showcase event held at the White House the previous day is analyzed to have further fueled investors' concerns.
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