Analyst Dan Ives says Elon Musk will likely step down from Twitter as company is on track to lose roughly $4 billion
, 2022-12-19 18:10:36
And Tesla has been dealing with another “overhang” over the past year as well—Musk’s decision to buy Twitter for $44 billion and sell roughly $40 billion of Tesla stock.
Wedbush tech analyst Dan Ives believes the acquisition was the “most overpaid” in the history of the tech space, and he argues Musk is using Tesla to fund what could be $4 billion per year of “red ink” at Twitter.
But he said on Monday that there may be hope for the EV leader yet as Musk, who recently lost his title as the world’s richest person, will likely step down as Twitter’s CEO after a new Twitter poll he put out Sunday.
Musk asked his more than 122 million followers if he should “step down as head of Twitter,” saying that he promised to “abide by the results,” and 57.5% responded “Yes.”
If the billionaire follows through, Ives said it should allow him to refocus on Tesla.
“It appears Musk’s reign as CEO of Twitter will come to an end and thus be a major positive for Tesla’s stock starting to slowly remove this albatross from the story,” Ives wrote. “Time to end this nightmare as CEO of…
To read the original article, go to Click here