Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said on Friday attacks against him should be viewed through a “political lens” after being blamed for a sexual misconduct incident that took place in 2016.
What Happened: The world’s richest man said on Twitter he will continue “fighting for a good future and your right to free speech.”
The billionaire entrepreneur has been accused of exposing his erect penis to a SpaceX flight attendant, rubbing her leg without consent, and offering to buy her a horse in exchange for an erotic massage.
Musk did not directly name the report but said in the tweet that attacks against him should be viewed through a “political lens” and that it is a “standard (despicable) playbook.”
The attacks against me should be viewed through a political lens – this is their standard (despicable) playbook – but nothing will deter me from fighting for a good future and your right to free speech — Elon Musk (@elonmusk) May 20, 2022
Responding to another tweet that questioned why these allegations weren't made public purportedly "before he took a stand against the establishment," Musk responded "exactly" to show his agreement. "And, for the record, those wild accusations are utterly untrue," the Tesla and SpaceX CEO added.
Exactly
— Elon Musk (@elonmusk) May 20, 2022
Musk’s Response To Sexual Misconduct: Business Insider reported on Thursday that SpaceX allegedly paid a flight attendant $250,000 to settle a sexual misconduct claim against Musk.
Musk had responded to Business Insider that there is "a lot more to this story," and had initially sought more time to respond but eventually refrained from commenting further, according to the publication.
The 50-year-old billionaire is currently involved in a hostile takeover of microblogging site Twitter Inc (NYSE: TWTR), a platform he has said is the bedrock of democracy.
Price Action: Tesla shares closed marginally down at $709.4 on Thursday.
Photo: Courtesy of Thomas Hawk on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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China has long been considered an essential component of Tesla’s (TSLA) ongoing success. The country has not only been committed to advancing electric vehicles, but is also home to its flagship Gigafactory, located in Shanghai.
Wedbush’s Daniel Ives has repeatedly stressed the region’s importance to Tesla and thinks the current China headwinds are “hard to ignore.”
“The success of the China story on both the supply and demand side are the linchpins to our long-term bull thesis in Tesla,” the 5-star analyst explained. “That said, the reality is the current Shanghai lockdowns have been an epic disaster so far in the June quarter.”
The zero Covid policy saw the Shanghai factory shutdown during April which obviously hit production hard and despite a reopening - which Ives notes as being “very choppy,” – the supply chain is now facing a host of issues all the way through to the logistics of shipping Model 3's/Y's.
The effect of the lockdown has been a “deterrent for delivery growth” with Ives now anticipating Q2 will show weak China sales with some “spillover” into Q3. Although Ives expects the company to push ahead in 2H, the prospect of another outbreak and lockdown looms large and could provide yet more “bumps in the road.”
As such, to reflect “softness” in China and the ongoing supply woes, Ives has lowered estimates for Q2. Ives now expects total deliveries of 277,000, a drop from the prior forecast of 297,000 units. The revenue estimate is also reduced - from $16.9 billion to $15.9 billion, while the EPS forecast is also to $2.10 from the prior $2.80.
China is not the only issue for Tesla right now. Musk’s bid to buy Twitter has been a constant sideshow recently which the analyst believes is causing investors to turn away. Although the “Tesla fundamental story” is not directly impacted from the ongoing Twitter shenanigans, given we are currently in the midst of the “worst supply chain crisis seen in modern history,” Ives thinks Musk should be focused on more on Tesla, and less on other distractions.
While Ives reiterated an Outperform (i.e., Buy) rating on Tesla shares, the analyst slashed the price target to $1,000 (from $1,400). (To watch Ives’ track record, click here)
Most on the Street also back Tesla but not all are on board. The stock claims a Moderate Buy consensus rating, based on a mix of 14 Buys, 10 Holds and 5 Sells. According to the $940.90 average target, the shares will climb 29% higher in the year ahead. (See Tesla stock forecast on TipRanks)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.