Elon Musk has reaffirmed his commitment to Tesla despite concerns that his proposed takeover of Twitter may have taken his eye off the ball.
The world’s richest man wrote on the social media platform that his mind remains on Tesla 24/7 as the EV firm’s share price continues to drop.
He added that his £34.5bn takeover, which is said to have hit a rocky patch, is taking up less than five per cent of his time.
Last week it was revealed that Musk had put his Twitter deal ‘temporarily on hold’ due to fears over the number of spam accounts
Musk said: ‘To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science! Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7. So may seem like below, but not true.
‘Many have read the post as an attempt to get investors back on track after many pulled away due to worries about his Twitter takeover.’
To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science!
Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7.
So may seem like below, but not true. pic.twitter.com/CXfWiLD2f8
— Elon Musk (@elonmusk) May 19, 2022
Tesla shares have lost around a third of their value since early April, when Musk sold sold nearly £7bn worth of shares in the company to fund his Twitter takeover.
Leo KoGuan, a major individual investor in Tesla, has called on the firm to buy back shares.
He said: ‘Tesla must announce immediately and buy back $5bn of Tesla shares from its free cash flow this year and $10bn from its free cash flow next year, without affecting its existing $18bn cash reserves with zero debt.’
Shares closed yesterday (May 19) at $709.42 (£568.22), a daily drop of 0.39 per cent.