Per CNBC
Tesla Shareholder Tencent Says the EV Company will Continue to Perform Well Despite Elon Musk's Distractions
1/25/2023
One major concern by Tesla investors when CEO Elon Musk decided to acquire Twitter for $44 billion was whether the CEO would be too distracted with his new venture to handle the EV company. Tencent, a company shareholder, shared their positive thoughts on Tesla, saying it would "keep blowing our minds."
Tencent reportedly invested $1.78 billion in Tesla in 2017 to acquire a 55% stake in the company. In a report by another article by CNBC, it was noted that as of Dec 31, 2016, Elon Musk owned 21% of the company, but in a Dec 15, 2022 report, it was noted that Musk's stake dropped to 13.4%, per BBC.
Tencent Holdings is a Chinese multinational tech company that owns WeChat, one of China's most popular messaging platforms. Tencent's chief "eXploration" officer David Wallerstein gave a statement regarding how they saw huge potential in the company.
Wallerstein: “We saw a huge potential in the company, the category of EVs (electric vehicles) but also a huge amount of respect for the way Elon was driving the company,”
Wallerstein noted that it would be hard to focus if a leader is distracted in many companies. He also acknowledged that Elon Musk did have a lot of projects that the billionaire was working on at the same time.
Despite having a lot of projects, Wallerstein still believes that Tesla is doing good and that the competition would only be "good for the planet." The Tencent chief "eXploration" officer said he is still expecting big things from the company.
Wallerstein: “I would count on them [Tesla] to keep blowing our minds with what they do with technology,”
The positivity comes shortly after the company announced that it would decrease its prices in the US. One of its models, the Tesla Model Y, decreased by a whopping $13,000.
Musk has also shared that he thinks 2023 will be a serious recession and that it can be compared to 2009.
See flow at unusualwhales.com/flow.
Other News:
- Tesla decreases prices in the US
- Elon Musk has said: I think 2023 is going to be quite a serious recession, and it's going to be comparable to 2009
Resources:
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