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Tesla Stock rebounds as Musk is seeking new CEO at Twitter

Twitter saga is only getting even more cryptic after Musk put a poll on his CEO role!

Elon Musk is reportedly on the hunt for a new Twitter CEO, but that news isn’t helping Tesla stock.

Tweet on Tesla stock

FactSet chart on Tesla stock fluctuation

CNBC reported that Mr. Musk is “actively” searching for a new chief executive to run the embattled social network.

The news comes after Mr. Musk ran a poll on Twitter that showed users would like him to step down from the microblogging site.

Nevertheless, Tesla shares were down about 2% in morning trading and are on pace to hit yet another 52-week low. The electric automaker’s stock is down nearly 59% in 2022.

Also perhaps dragging on the shares: a few bank analysts who pulled back their price targets on the stock.

Meanwhile, Tesla shares have been on the decline for months, sinking 8.1% Tuesday. Musk himself revealed he’d sold 20 million Tesla shares, worth about $3.5 billion, in a security filing last week.

For many Tesla investors, the reason for the share price isn’t a mystery. Ross Gerber, a major Tesla investor, tweeted Tuesday that “Tesla stock price now reflects the value of having no CEO,” and that it’s “time for a shake up.”