© Reuters Tesla stock price halved (TSLA.US) Analysts and shareholders point guns at Musk
Zhitong Finance APP has learned that Tesla’s (TSLA.US) stock price has continued to fall recently. As of Friday’s close, the stock fell 4.72% to $150.23, a 57% decline within the year. Notably, analysts and prominent shareholders have criticized Tesla CEO Elon Musk more than ever this week. For example, Indonesian billionaire KoGuan Leo, Tesla’s third largest individual shareholder, bluntly stated that Musk has abandoned Tesla and that Tesla needs a full-time CEO.
Other investors also agree that succession planning for the CEO is key for Tesla as the company plans to ramp up production at two new assembly plants, prepare to deliver the new Cybertruck and look for a fifth Gigafactory. Tesla could also face a potential hit from an economic slowdown and decelerating demand for electric vehicles in 2023.
Meanwhile, Wedbush analyst Daniel Ives, who is bullish on Tesla long-term, believes Tesla should at least outline Musk’s 10b5-1 plan so investors can understand how much and when Musk will sell shares. “The big problem here is the astonishing timing and quantity of Musk’s stock sales,” he noted.
It is understood that the 10b5-1 plan in the US stock exchange allows insider persons to buy and sell shares at set time intervals, and the time for buying and selling shares will not be changed even after obtaining material non-public information . Executives and directors of US companies often use 10b5-1 plans to buy and sell stocks to avoid insider trading charges.
