Musk has said “Tesla is on my mind 24/7.”
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Tesla
shareholders are growing more vocal about their frustrations with Elon Musk’s $44 billion bid to take Twitter private.
Tesla shares (ticker: TSLA) have lost a quarter of their value since early April when Musk disclosed his stake in the social-media platform, outpacing the 7% decline in the Nasdaq since then.
Shareholders are concerned that Musk could lose focus on the electric-vehicle maker, The Wall Street Journal reported.
“I wish he would walk away,” Gary Black, managing partner of the Future Fund LLC, which owns roughly $50 million worth of Tesla, was quoted as saying by the Journal. Black has been pushing Tesla to repurchase its own shares.
Musk last week scrapped his plans to partially finance his Twitter (TWTR) buyout with a margin loan tied to his Tesla stake, according to a filing with the U.S. Securities and Exchange Commission. He committed additional equity instead to finance the deal.
Tesla didn’t immediately respond to a request from Barron’s for comment.
Write to Lina Saigol at [email protected]
