Carmakers shares down 40% since Musk bought social media network
Well, not exactly, but Interactive Brokers’ Steve Sosnick reacted to the downbeat investor reaction to Tesla ’s robotaxi event by suggesting Tesla ’s history can be divided into two eras: BT and AX .announced he was buying Twitter in April 2022, Tesla had completed an “absolutely astonishing run of success”, with shares increasing nearly 20-fold in the prior 30 months. Things have since been very different, with Tesla shares down some 40 per cent.
Managing complex companies while spending more time on social media is, he suggests, bound to affect your performance. The BT/AX thesis is somewhat simplistic. Tesla’s valuation had swollen to unsustainable levels by April 2022, so some kind of share price reckoning was nigh-on inevitable. Still, multiple analysts questioned in 2022 whether buying Twitter would be a negative distraction for Musk. The events of the last 30 months have answered that question.
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