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Tesla Shares May Rise as Musk Refocuses on Company

Elon Musk's appointment of a new CEO for Twitter could alleviate a significant distraction for the billionaire, allowing him to concentrate on Tesla (NASDAQ: TSLA) Inc. The electric vehicle (EV) company has faced challenges due to decreased product demand.

Elon Musk
Elon Musk

Tesla Stocks Gained Amidst Musk's Twitter Involvement

Tesla's shares, which increased by 40% this year, experienced a 2% rise in pre-market trading on Friday. The stock suffered its worst year in 2022, losing 65% value during Musk's intermittent involvement with Twitter.

Concerns Over Musk's Commitment to Tesla Eased

Tesla investors have expressed concern that Musk's acquisition of Twitter for $44 billion may divert his attention from Tesla, which is currently engaged in a price war with emerging and established automakers.

Tesla Shareholders See Fractional Positive in Twitter CEO Appointment

Gene Munster, Managing Partner at Deepwater Asset Management, commented that appointing a new Twitter CEO is a minor positive for Tesla shareholders. It is expected that Musk will now dedicate more time to Tesla, despite having other ventures competing for his attention.

Linda Yaccarino in Talks for Twitter CEO Role

On Thursday, Musk announced that he had found a new CEO for Twitter without revealing their identity. The Wall Street Journal reported that NBCUniversal executive Linda Yaccarino is in discussions for the position.

Musk to Assume CTO Position at Twitter

Musk also stated that he would assume the role of chief technology officer at Twitter. Hargreaves Lansdown analyst Sophie Lund-Yates said that Tesla investors would welcome this change, as concerns were raised over Musk's hands-on approach with Twitter.

In addition to Twitter, Musk actively manages other businesses like SpaceX, Neuralink, and his newly-formed AI company, TruthGPT, which aims to compete with OpenAI's ChatGPT and Alphabet (NASDAQ: GOOGL) Inc's Bard.

Musk's Chaotic Tenure at Twitter

Musk's tenure at Twitter has been tumultuous, involving job cuts, executive team dismissals, and significant policy and stra