Elon Musk has denied that his political influence on Twitter is hurting the Tesla brand.
Elon Musk has indicated that his participation in Twitter does not affect the electric car company Tesla “in any way” .
In a call with investors, the CEO of Twitter and Tesla was asked about this impact, which has already been denounced by shareholders and which has caused the car company’s values to fall.
“I think Twitter is actually an incredibly powerful tool to drive demand for Tesla ,” he says.
The billionaire’s tweets have been a key element in the development of his companies and he has even taken them to court. Elon Musk is embroiled in a court case accusing him of defrauding investors following a 2018 tweet that he was considering taking Tesla private .
“The last thing serious investors want is to see their CEO on a witness stand. The worst of the damage has already been done, but there is likely to be little room for error or sentiment roulette for some time,” said Sophie Lund-Yates, principal equity analyst at Hargreaves Lansdown.
The tycoon warned that his 127 million followers on social networks “suggest that he is reasonably popular.”
“I would really encourage businesses of all kinds, automotive or otherwise, to make more use of Twitter and to use their Twitter accounts in ways that are interesting, informative, entertaining, and help drive sales like I’ve done with Tesla ,” he mentioned to investors.
Rise in shares
Tesla ‘s share price fell by nearly two-thirds in 2022 amid concerns the company was losing its competitive edge as Musk became increasingly involved in his purchase of Twitter .
In its investor call, Tesla announced that sales for the last quarter of 2022 increased 37% to $24.3 billion compared to the same period a year earlier.
Profits increased 59% to $3.7 billion.