Tesla’s stock has plunged nearly 30% this year, erasing over $700 billion in market value, as Wall Street grows increasingly disillusioned with Elon Musk’s leadership. Once a darling of the electric vehicle industry, Tesla now faces mounting criticism from investors and analysts alike.

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Musk’s controversial actions have raised concerns about his commitment to Tesla. He has sold nearly $11 billion worth of Tesla shares since November 2022, including a recent $963 million sale, despite earlier promises to halt such transactions. Analysts and investors are questioning whether Musk is using Tesla as an “ATM” to fund his other ventures, particularly his $44 billion acquisition of Twitter. This has led to accusations that he has “abandoned” Tesla and that the company lacks effective leadership. ​

Adding to the turmoil, Tesla’s board has come under scrutiny for its close personal and financial ties to Musk. A report revealed that board members, some of whom have invested “tens of millions of dollars” in Musk-controlled companies, may not be providing the independent oversight expected. This has raised questions about the governance of the company. ​

The culmination of these issues has led to a significant loss of confidence among investors, with some analysts describing Tesla’s situation as a “Twilight Zone act” and downgrading the stock to neutral. The company’s future remains uncertain as it grapples with leadership challenges and declining investor trust. ​

In summary, Wall Street’s disillusionment with Elon Musk has resulted in a dramatic decline in Tesla’s market value, raising serious questions about the company’s leadership and future prospects.