Tesla shares rise almost 5% as a Twitter poll shows people want Elon Musk to step down as the platform's CEO
. More than half of the 17.5 million people who voted — 57.5% — backed a departure.
Several Tesla shareholders believe Twitter has become a distraction for Musk, who is CEO of the electric-vehicle maker as well as of the social platform and SpaceX. They have warned , which has fallen 30% since he bought the social platform for $44 billion in October. Tesla's share price trended higher early Monday as updates to voting in the Twitter poll showed support for Musk to step down. The stock was up 4.73% at $157.30 soon after the voting closed.
Musk's endorsement of the Republican party and lack of involvement at Tesla since taking over Twitter have both likely driven a downturn in the stock, veteran Wall Street analyst and self-proclaimed Tesla bull Gene Munster said last week. "Elon is Tesla's brand. He needs to pull it together," Loup Capital's Munster told CNBC."He's made these mistakes about running off on the mouth many times, and he needs to tighten up his message because he's going to cause some long-term damage if he doesn't right the ship."for the $600 billion decline in Tesla's market value this year. He argued the US central bank's interest-rate hikes have made the stock market less appealing to investors.
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