Elon Musk is a serial entrepreneur.
He runs several companies at the same time.
He is involved in The Boring Company, known for its tunnels, and in the company specializing in artificial intelligence Neuralink. He revived the dream of humans living on Mars in the near future with his aerospace company SpaceX, one of whose products has become very popular. This is Starlink, the satellite Internet access service, which has become the unique communication system of the Ukrainian armed forces on the front line in the war against Russia.
Musk also just acquired Twitter (TWTR) , the $44 billion social network he considers the de facto public square of our time. This platform occupied him for several weeks.
The billionaire wants to use it to create a Super App offering multiple varied services such as ordering a car, shopping, buying a plane ticket, etc. But if the influence of Twitter is undeniable in the public debate, the firm is struggling to generate revenue. and profits.
Twitter is the new darling
Musk has therefore been working for a few days to find new sources of income. He took controversial steps such as cutting half of the group’s workforce and raising the price of Blue, subscribing to the service by including the ability to authenticate an account.
Musk is also currently trying to hold back advertisers who suspend their ads on the platform because they fear it will become a place for hateful, racist and anti-Semitic speech. These fears are due to the fact that Musk defines himself as a “free speech absolutist”. In other words, he believes that all must be said as long as the law is not broken.
So he only has it for Twitter, to the point of making people forget that Musk’s real baby is Tesla. The electric vehicle manufacturer is the first pawn with which Musk established himself as a visionary.
Technoking – his title at Tesla – has moved the auto industry away from polluting vehicles in favor of clean vehicles and autonomous technologies that turn the car into a living room on four wheels.
But Twitter’s attention has raised concerns that CEO Musk may be spending less time with Tesla at a crucial time for the Austin, Texas-based group. The electric vehicle maker faces fierce competition from Chinese groups and traditional automakers who have all announced billions of dollars in investments in electric vehicles.
To maintain its leadership, Tesla has a solid product roadmap. The company is due to start production of its semi-trailer on December 1 and in mid-2023 the start of production of the long-awaited Cybertruck is planned.
“I still work a lot”
Since Musk made his $44 billion bid to take over Twitter on April 25, Tesla shares have lost 38% of their value to $207.47. The company that started the year with a market value of $1.12 trillion saw it melt away by more than $450 billion. Tesla’s market capitalization is currently $655.2 billion.
Musk is an important part of Tesla’s success. Investors are convinced that without him, the electric vehicle manufacturer would not have such a significant cachet. So they identify Tesla with Musk. It is the entrepreneur’s wild promises that largely justify the valuation of Tesla, which produced barely a million vehicles in 2021, compared to several million for its rivals. But the latter are stock market dwarfs compared to Tesla.
The billionaire is aware of the fears of investors and has therefore just sent them a message intended to reassure them. It all started with a post from a Tesla fan account on Twitter.
“He’s highly optimistic that while Elon is focused on restructuring Twitter, Tesla is performing perfectly without him $tsla,” the Twitter user said.
Musk was quick to respond, “I’m still doing a lot of work at Tesla! I was in our engineering office in Palo Alto until late Thursday night when I had to turn a blind eye to NY.” he declared.
The post served the intended purpose of reassuring fans of the premium electric vehicle maker.
“Elon, @elonmusk, please send photos/tweets to $TSLA the next time you visit any Gaga factory. Tesla investors love to hear you bragging and being involved with Tesla. ♥️” , said a Twitter user.
“Tesla works without Elon, it’s intangible. Whether in the foreground or in the quiet, he makes the machine work,” added another user.