ZnWC commented on a stock · May 14, 2023 13:34

Elon Musk said would devote more time to Tesla ending rumour that he's stepping down.

Tesla's share price fell by 2% after WSJ posted a an incorrect 'news' about Elon Musk stepping down as Tesla CEO. Elon Musk responded immediately that this is not true when investors alerted him.

This is an example on how a falsely claimed news can manipulate a share price. The false statement has been removed by WSJ but the rumour was re-posted by many in social media.

Quote:

'Devote More Time to Tesla'
In fact, on the same day, the Wall Street Journal published an article titled: "The Executive Who Keeps Tesla Rolling Isn't Elon Musk," introducing Kirkhorn, 38, appointed chief financial officer by Musk in early 2019, as the shadow chief operating officer, comparing the two to Apple's Steve Jobs and Tim Cook...

"While Tesla has no clear second-in-command, Mr. Kirkhorn handles many day-to-day duties in the manner of a chief operating officer, former company executives said. Tesla board members have discussed Mr. Kirkhorn as a possible successor to Mr. Musk as CEO," the newspaper said, citing a person close to the matter.

Musk heard investors' concerns and eventually addressed them (the rumour). His answer is clear: he's not about to pass the baton to anyone else at Tesla.
"Obviously, bringing on Linda [Yaccarino] allows me to devote more time to Tesla, which is exactly what I will be doing!" the billionaire said, ending a day of rumors.

Source:

Elon Musk Responds to Speculation He May Step Down as Tesla CEO

$Tesla (TSLA.US)$

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ZnWC

Moo Contributor

I reflect trading experience by writing journals. My posts and comments are for education purpose not financial advice.

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