While Tesla has continued to grow its profits, signs of softening demand and heightened competition have investors increasingly worried. And then there’s CEO Elon Musk’s acquisition of Twitter. Some of Musk’s actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter’s advertisers and turned off some users.
Musk’s acquisition of Twitter opened up a political firestorm and has caused Musk and Tesla’s brand to deteriorate, leading to a “complete debacle for the stock,” Wedbush analyst Dan Ives wrote in a research note this week. Despite Musk’s focus on Twitter, Tesla’s results have been solid this year. The Austin, Texas, company posted year-over-year profit and revenue growth through the first three quarters of 2022, including more than doubling its third-quarter profit from a year earlier.
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