Elon Musk’s management of Twitter, including the banning of multiple journalists, has “severely damaged” market sentiment around Tesla, and risks sparking a backlash from advertisers and consumers, a Wall Street analyst warned on Monday.
Oppenheimer & Co. downgraded its rating on Tesla, where Musk is the CEO, solely because of risks posed by the billionaire’s ownership and management of Twitter. “We believe Mr. Musk is increasingly isolated as the steward of Twitter’s finances with his user management on the platform. We see potential for a negative feedback loop from departure of Twitter advertisers and users,” Oppenheimer analyst Colin Rusch wrote to clients.
” Rusch, the Oppenheimer analyst, said the “inconsistent standards application” for Twitter users has helped create a “broad public backlash” against Musk that will in turn hurt Tesla. “We believe banning journalists without consistent defensible standards or clear communication in an environment where many people believe free speech is at risk is too much for a majority of consumers to continue supporting Mr.
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