Shulou(Shulou.com)11/24 Report--

According to news on December 16, Elon Elon Musk has paid less and less attention to Tesla since his acquisition of Twitter, and investors are beginning to wonder whether he is still the right person to lead the company. KoGuan Leo, Tesla's third-largest individual shareholder and Chinese entrepreneur, tweeted on Thursday calling on the electric carmaker to replace Mr Musk.

Tesla's share price has continued to fall over the past few months, and investors are increasingly unhappy with Mr Musk for spreading his energy and time among a number of companies. That broke out on Thursday when Mr Liao, Tesla's third-largest individual shareholder, had hoped that Tesla would appoint a new chief executive to replace Mr Musk so that he could focus on running other companies, such as SpaceX and Twitter.

Liao Kaiyuan wrote on Twitter: "Musk abandoned Tesla, and Tesla does not have a current CEO. Tesla needs and should have a full-time CEO."

As of September this year, Liao Kaiyuan held a total of 22.7 million Tesla shares, which are now worth $3.57 billion. Liao Kaiyuan began to increase his stake in Tesla shares at the beginning of the COVID-19 epidemic, when Tesla shares traded at about $40 and are now trading at $157m.

So far, Tesla's share price has fallen 55 per cent this year. Musk has lost about $225 billion in market value since it completed its acquisition of Twitter at the end of October. This contrasts sharply with the s & p 500 index climbing more than 3%.

Although frustrated by the fall in the share price, Liao Kaiyuan did not sell his Tesla shares. Instead, he is planning to buy more shares because he believes the company's shares are undervalued and has plenty of room to rise after hiring a chief executive who specialises in laser technology.

"frankly, I don't care whether Musk stays or not," Liao said. Tesla is a great company and the price of $160a share is very cheap. " He added that he would like to see an operating executive like Tim Cook take over the company.

He also wrote on Twitter: "Musk is just an employee, he is also our employee. Although he is a proud 'creator', Tesla has grown up and needs professionals like Cook more. I plan to invest another $1 billion to buy Tesla shares. With or without Musk, Tesla will become the largest company in the world."

Mr Liao said that if Tesla's share price fell below $160in a few weeks, he would buy another 3 million shares of Tesla at $160a share. But what made him uneasy was that while he bought Tesla shares, Musk was cashing out on a large scale.

"Today, I invested another $500m to support Tesla's share price ($160per share), while Musk sold shares worth more than $3.5 billion, perhaps more in the past few days," he wrote on Twitter. "

Hours after the tweet was posted, it emerged that Musk had sold 22 million Tesla shares earlier this week, cashing out nearly $3.6 billion. Musk sold the same number of shares in a week as all Tesla shares held by Liao Kaiyuan.

Liao Kaiyuan's latest comments are in sharp contrast to his comments in January. At that time, he said on Twitter: "bulls of Tesla, the rainbow of the future is here. Smile at your lucky self!" At that time, Tesla had a market capitalization of US $1.2 trillion, making it one of the most valuable companies in the world. But as of Wednesday, the company's market capitalization had fallen below $500 billion for the first time since November 23, 2020.

Dan Ives, an analyst at Wade Bush Securities, said: "it is a critical moment for investors and frustration has accumulated massively, but Musk seems to be doubling his bets rather than backing down."

Ives believes that Musk spent about $20 billion more on Twitter and that he needs to mortgage his Tesla shares to support the acquisition. "the bigger concern for investors is that Musk regards Tesla as an 'ATM'," he said. this poses a great threat to Tesla's stock value. "

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