Tesla is going to 'keep blowing our minds' even with Elon Musk distracted by Twitter, Tencent executive says
Tesla is going to"keep blowing our minds" despite Elon Musk's focus on Twitter, according to a Tencent executive.
"I would count on them [Tesla] to keep blowing our minds with what they do with technology," said Tencent's chief exploration officer David Wallerstein in aThe Chinese tech giant is a backer of Tesla, having picked up a 5% stake in the automaker in 2017 for around $1.8 billion – an investment led by Wallerstein.
"We saw a huge potential in the company, the category of EVs but also a huge amount of respect for the way Elon was driving the company," Wallerstein said, adding that when Tencent invested in Tesla, it wasn't clear whether the electric-vehicle manufacturer was going to survive. Since the 2017 investment, Tesla has risen to become one of the world's largest electric-vehicle companies.
But the firm has had a rough time lately. It notched a historically bad 2022, missing its production and delivery targets in the fourth quarter and Musk's chaotic Twitter buyout. The combination of factors caused Tesla's stock to drop 60% in less than four months to wipe out $700 billion in market capitalization.too distracted with new responsibilities at the social media giantBut Wallerstein said he remains confident in Tesla despite Musk's distractions with Twitter.
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