- Shareholders are criticizing Elon Musk amidst Tesla’s 23% stock decline this year.
- The carmaker’s CEO faces backlash for his perceived focus on non-Tesla projects.
- Online responses mirror Musk’s own DOGE email request to federal employees.
“Please share 5 things you did for $TSLA shareholders this week.” That’s just the opening line of a pointed message aimed directly at Tesla CEO Elon Musk, and it’s not even the harshest part. With Tesla’s stock value down roughly 23 percent this year, shareholders are understandably frustrated. Now, it seems the unease is spreading beyond just the folks with skin in the game.
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It’s no surprise that shareholders are upset over a massive drop in valuation. But it’s clear from their online responses that they’re aiming to hit Musk where it hurts. Last week, in his role as head of the newly minted Department of Government Efficiency (Doge), he sent an email to federal employees asking them to share five things they’d accomplished at work. Now, shareholders are flipping the script, turning that same question back on him.
The Five-Thing Challenge
On X (formerly Twitter), multiple users responded to Musk or called him out directly with messages like: “Hi @elonmusk can you please tell us 5 things you did last week? 🤔” One user even paired their comment with a screenshot showing Tesla stock down $27.57 or 8.34% at that time during that single day. It’s far from the only one with the same sort of verbiage and media.
Another one read in its entirety, “Please share 5 things you did for $TSLA shareholders this week. Or are you working remotely? Asking for all of us.” This one came with a graph that shows Tesla’s stock price since the start of the year and how it’s down $84.06 per share or 21.55 percent. That last bit about working remotely is itself a dig at Musk as well.
Morality and Remote Work
The Tesla boss has publicly called out those who work remotely several times. He’s gone as far as to actually call working remotely morally wrong. His argument is that several people don’t have the option to work remotely, so nobody should. That hasn’t stopped him from seemingly focusing his efforts more so on the Department of Governmental Efficiency than on Tesla or SpaceX in recent weeks.
Whatever he’s up to, his actions appear to be affecting more than just shareholders. According to The Independent, even Tesla employees are worried about the potential long-term impact on the brand.
Wedbush analyst Dan Ives says that the pressure might become too much too. “Investors have patience but this is starting to tip the scale and it’s weighing on shares along with brand issues related to Musk/Tesla,” he said to Barron’s. “Perception becomes reality on Wall Street.”
Even some celebrities are calling out Musk for his apparent lack of focus on Tesla. Media mogul David Portnoy, for one, took to Twitter to ask, “How far does TSLA stock have to crash before Elon goes back to work?” He’s not alone in wondering whether Musk’s attention might be better spent on Tesla’s challenges than on his other ventures.
With stockholders and analysts openly questioning his priorities, Musk might need more than witty tweets and philosophical debates to turn things around. At this point, Musk might be banking on a dramatic reveal of serious Level 5 self-driving tech to save face later this year.