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autoNovember 16, 2022

Musk's all-nighters at Twitter raise concern for Tesla investors


San Francisco, Nov.16 (BNA) : In 2018, Elon Musk was working through the night and sleeping at Tesla Inc's factories in California and Nevada as the company struggled to ramp up production of the Model 3.

On Monday, Musk said he had worked through the night at Twitter's San Francisco headquarters and would keep 'working & sleeping here' until the social media platform - which he recently acquired for $44 billion - was fixed.

A self-described 'nanomanager,' Musk's penchant for working long hours in moments of crisis has been a well-known part of his brand. But the billionaire's deep dive into Twitter, after a protracted buyout that he tried to scrap, has some Tesla investors worried about his capacity to focus on his role as CEO of the world's most valuable carmaker.

'Tesla investors are going to be frustrated,' said Gene Munster, managing partner at venture capital firm Loup Ventures. 'He's probably going to spend more time on Twitter than any Tesla investor feels comfortable about.'

Musk, who is expected to testify in court on Wednesday about whether a $56 billion pay package at Tesla is justified, did not respond to a Reuters email seeking comment.

He tweeted on Monday 'I have Tesla covered too,' saying he planned to work at the electric vehicle maker for part of this week. Tesla has an office in Palo Alto, California, and a factory in Fremont, California.

Tesla's shares have dropped by 50% since early April, when he disclosed he had taken a stake in Twitter. Sales of Musk's own Tesla shares - totaling $20 billion since he disclosed his Twitter stake - have added to the pressure.

Tesla faces a growing list of challenges from demand concerns in China to a regulatory probe of the claims it makes about the abilities of its 'Autopilot' driver assistance technology in the United States.

So far this month, Musk's tweets about his efforts to reboot Twitter have accounted for more than two-thirds of his postings on the platform he acquired in October, according to a Reuters tally.

Tesla accounted for just 3% of his tweets from Nov. 1 to Nov. 15, down from an average of almost 16% over the previous eight months.

bna