Gary Black highlights why Musk’s leadership is still based on Tesla’s valuation
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A news report claimed Tesla Inc (NASDAQ: TSLA) is seeking to replace CEO Elon MuskTesla Bulls have long refuted the idea, saying the possibility of such a move is extremely low.
what happened: On Thursday night, Gary Black,exist Future Fund Co., Ltd.Tesla Bull has addressed speculation about Musk’s potential expellers in an article on X for years, dismissing concerns about the board’s search for a replacement.
Black said in his post that Tesla’s stock could fall 5% to 10% if Musk resigns as CEO but he serves as chief technology officer or chief product officer. He warned that leaving completely could trigger a 20% to 25% drop, eliminating nearly $2.22 billion in shareholder value.
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Black’s post highlights the extent to which Musk still anchors Tesla’s $880 billion market cap, a key reason why he believes the board’s “very low odds” to choose someone to replace him.
The famous fund manager posted it on X and took screenshots of reports on Musk’s possible replacement based on the forecast market based on Benzinga.
Musk himself talked about the rumor and it was published in just a few hours. Wall Street JournalThe report was “extremely violated moral norms” and “deliberate false articles”.
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Why it matters: Another long-term Tesla Bull, Dan Ivesof Wedbush SecuritiesHe said Thursday that he believes Musk will continue as Tesla CEO for at least the next five years, while adding that it could be a warning from the board.
