© Archyde.com. Tesla (TSLA.US) share price halved Analysts and shareholders point guns at Musk
Zhitong Finance APP learned that Tesla (TSLA.US) stock price has continued to fall recently. As of Friday’s close, the stock fell 4.72% to $150.23, a 57% drop this 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 CEO succession planning is critical to Tesla as the company plans to ramp up production at two new assembly plants, prepare to deliver the new Cybertruck and scout for a fifth Gigafactory. Tesla might also face a potential hit from a slowing economy and decelerating EV demand in 2023.
Meanwhile, Wedbush analyst Daniel Ives, who has long been bullish on Tesla, believes that Tesla should at least outline Musk’s 10b5-1 plan so investors can understand how much and when Musk will sell shares. “The big issue here is the surprising timing and amount of Musk’s stock sales,” he noted.
It is understood that the 10b5-1 plan in the U.S. stock exchange allows people with inside information to buy and sell stocks at preset time intervals, and the time for buying and selling stocks will not be changed even following obtaining substantial non-public information. U.S. corporate executives and directors often use 10b5-1 plans to buy and sell stock to avoid insider trading charges.