Teslas Unique Leader - Is It Time to Change_ST130-PDF-ENG (1)

HBP Product ID: ST130
UST130
STEVEN J DEKREY
RAMEE LIU
Tesla’s Unique Leader - Is It Time to Change?
In the last quarter of 2022, Tesla Inc. (NASDAQ: TSLA), the renowned global supplier of electric
vehicles (EV), was one of the most talked about companies in the media. [See Exhibit 1, Tesla’s Major
Events.] This was due to in part to the takeover by the company’s cofounder, director, and CEO, Elon Musk
(Musk) of Twitter for USD44bn in October 2022. He did this by selling some of his Tesla shares and raising
loans. 1 [See Exhibit 2, Elon Musk’s Biography.] Aiming to turn around Twitter’s profitability, Musk
carried a bathroom sink to Twitter’s headquarters and let the management and staff members “sink in” the
idea of massive layoffs. However, his reform plans and public vote result of Twitter’ users (a poll initiated
by Musk) resulted in a backlash. A majority of the votes were against him staying on as CEO. On 20
December 2022, Musk tweeted he would resign as CEO of Twitter once a replacement was found.2
On 24 December 2022, Tesla suspended its EV production in its Gigafactory Shanghai, its second
largest plant, without providing an explanation to the public.3 It was believed the suspension was due to the
surge in COVID-19 cases, as well as the slower demand for Tesla vehicles in the Chinese market. The
Chinese EV manufacturers had been catching up in terms of performance and quality, and their market
share was surging.
Musk and his companies had a few turbulent years, with highs and lows, and dramatic success and
painful failures, as well as inspiring vision and self-inflicted wounds. Now, even some of his most
enthusiastic supporters were beginning to question his leadership. For the 12 months of 2022, the NASDAQ
Composite Index experienced a 33.89% drop, and Tesla’s share price fell by 69.2% after closing at
USD123.18 on 30 December 2022.4 5
Whether Musk’s leadership performance was related to his recently revealed diagnosis of
Asperger’s syndrome was being questioned. Could his Asperger’s partly explain both his visionary genius
and his irrational behavior? How much impact did the personality characteristics of leaders have on their
performance? Did Musk’s Asperger personality features contribute to his interest in Twitter, thus distracting
him from Tesla? Did his unique personality profile affect his questionable management decisions? Musk’s
lack of focus on Tesla was blamed for a dramatic stock value downturn, and questions about his future fit
as the primary steward of Tesla was becoming an issue for the Tesla board and Tesla’s investors.
Ramee Liu prepared this case under the supervision of Professor Steven J. DeKrey solely as a basis for class discussion. The
authors have disguised certain data to protect confidentiality. Cases are written in the past tense; this is not meant to imply that
all practices, organizations, people, places or facts mentioned in the case no longer occur, exist, or apply. Cases are not intended
to serve as endorsements, sources of primary data, or illustration of effective or ineffective handling of a business situation.
For inquiries regarding ordering and permission to reproduce the case and its materials, please write to bmcase@ust.hk or visit
cbcs.ust.hk.
© 2022 by The Hong Kong University of Science and Technology. This publication shall not be digitized, photocopied or otherwise
reproduced, posted, or transmitted without the permission of the Hong Kong University of Science and Technology.
Last edited: 17 April 2023
This document is authorized for use only in Steve Dekrey's MGMT5890_L1 Principles for Global Leaders at Hong Kong University of Science and Technology (HKUST) from Nov 2023 to Dec
2023.
HKUST Business School Thompson Center for Business Case Studies
Tesla
EV and Energy
Tesla was engaged in the entire process of design, development, manufacture, and sale of fully electric
vehicles. In 2022, it provided approximately 400,000 customers in the US and Canada with AI-powered
Autopilot and updated Full Self-Driving (FSD) Beta solutions.6 Additionally, Tesla was involved in energy
generation and storage systems, as well as stationary energy storage products and solar energy systems. In
2022, the company’s gigafactories, equipped with automated assembly lines producing EVs, were in
production in Fremont, California; Shanghai; Texas; and Berlin-Brandenburg, Germany. [See Exhibit 3,
Tesla’s production capacity in each location.]
Tesla’s Shareholders and Management
Between 2003 and 2004, Musk had cofounded Tesla, which was headquartered in Palo Alto, California
[see names of other cofounders in Exhibit 1]. In 2008, he took over and became the CEO of the company
when it was on the brink of financial collapse and narrowly avoided bankruptcy in 2007.7 On 28 June 2010,
the company was listed on the NASDAQ.8 Musk led the company’s engineering, design, and manufacturing.
Not until FY2020 did the company turn profitable for the full year.9 [See Exhibit 4 for Tesla’s Financial
Summary.]
In 2020, Musk moved his residence from California to Texas. 10 The company followed his move and
relocated its headquarters to Austin, Texas, on 1 December 2021.11 By the end of 2022, the number of
employees had grown to 127,855.12 On 30 November 2022, Musk held 24% of the shares, and the remaining
shares were held by over 6,500 institutions and mutual funds, as well as a large number of small investors.13
Opportunities and Challenges in the Mainland Chinese Market
Gigafactory Shanghai
In 2018, EV manufacturing in mainland China was still in its early stages, and BYD Company Limited
(SEHK: 1211) was the major player in the industry. 1415 Tesla, however, had its sights set on the Chinese
and Southeast Asian EV markets, aiming to take advantage of the growing demand for EVs in the region.
Establishing itself in mainland China allowed the company to take advantage of potential cost savings
benefits in manufacturing, and avoid the high tariffs imposed on cars that were manufactured in the US.16
[See photos in Exhibit 5, Tesla Gigafactory Shanghai.]
As China was promoting green energy and improving domestic research and development EVs, Tesla was
granted permission to establish a large plant in Shanghai, becoming the first and only overseas vehicle
manufacturer to do so without having a joint venture partner. 17 Tesla invested USD2bn to build the
Shanghai plant, and production began in 2019.18 By 2022, mainland China had become Tesla’s second
largest market in global sales, and the Shanghai plant was producing over 750,000 vehicles [see Exhibit
3].19
Cybersecurity in Mainland China
Tesla EVs’ traffic data, including those in mainland China, were transmitted to Tesla in the US. After a
minor car accident, the company defended itself from the accusation of mechanical failure by disclosing
the traffic data collected. This raised awareness of potential cybersecurity issues surrounding the collection
ST130 2
UST130 Tesla’s Unique Leader - Is It Time to Change?
2023.
of personal data. In March 2021, Tesla’s vehicles were banned from entering local military sites and housing
compounds for security purposes, as the built-in car cameras could send data to the US.20
The US government’s tax credit for EVs would be discontinued in 2023, and this was accompanied by
overproduction in the fourth quarter of 2022. 21 Therefore, in December 2022, Tesla offered discounts of
up to 20% to boost EV sales in countries such as the US and mainland China.22 But Chinese Tesla EV
owners who had already purchased their vehicles expressed their dissatisfaction with not being able to
benefit from the price reductions after their purchase and demanded compensation from Tesla.23
Halt in Production
On 24 December 2022, Tesla halted production in the Shanghai plant but did not provide an explanation
why.24 The market speculated that it was due to the surge in COVID-19 cases in mainland China and lower
Chinese demand.25 Tesla’s share prices dropped following the announcement of the halt.26 In addition, the
Gigafactory Shanghai’s Phase 3 expansion plan had been put on hold despite support from the Shanghai
local government, due to Beijing central government data and privacy concerns.27 The Shanghai plant's
production level in 2022 was more than half of Tesla's total global output, and any delay in the expansion
would have an impact on its further expansion plans.
Psychological Influence in Leadership Behaviors

In May 2021, when he was hosting Saturday Night Live (SNL), a live TV comedy show based in the US,
Musk revealed openly that he had been diagnosed with Asperger’s as a child.28 In his opening monologue,
he jokingly referenced his social and conversational skills, which were associated with Asperger’s. His self-
deprecating humor about his diagnosis was well received by the audience.29
Look, I know I sometimes say or post strange things, but that's just how my brain works. To anyone who's
been offended, I just want to say, I reinvented electric cars, and I'm sending people to Mars in a rocket
ship. Did you think I was also going to be a chill, normal dude? 30
—Elon Musk, opening monologue on SNL
Characteristics of Asperger Syndrome or Asperger’s
According to Autism Speaks, Autism spectrum disorder (ASD) and autism were both general terms for a
group of complex disorders of brain development.31 “These disorders are characterized, in varying degrees,
by difficulties in social interaction, verbal and nonverbal communication and repetitive behaviors.” 32 The
World Health Organization explained, “ASD are a diverse group of conditions. They are characterized by
some degree of difficulty with social interaction and communication. Other characteristics are atypical
patterns of activities and behaviors, such as difficulty with transition from one activity to another, a focus
on details and unusual reactions to sensations.” 33 Individuals with ASD often had difficulties in
understanding the thoughts, intentions, meaning in conversations, and emotions of others, and in regulating
their own emotions.
Some people with Asperger’s syndrome chose to keep using the term even though it was no longer
considered a diagnosis, while others preferred to refer to themselves as being in the lesser end of ASD.34 35
“People with Asperger syndrome see, hear and feel the world differently to other people. If you have
Asperger syndrome, you have it for life—it is not an illness or disease and cannot be ‘cured.’ Often people
feel that Asperger syndrome is a fundamental aspect of their identity,” the National Autistic Society stated.36
ST130 3
2023.
Not all individuals with Asperger’s had the same or all of these characteristics. [See Figure 1 below for
Asperger’s characteristics.]
Figure 1: Asperger’s Characteristics
Source: “What is Asperger’s Syndrome?” Applied Behavior Analysis,

https://www.appliedbehavioranalysisprograms.com/lists/5-characteristics-person-aspergers-syndrome/, accessed 19
January 2023.
Famous people such as Steven Spielberg, Anthony Hopkins, and Dan Aykroyd had all been diagnosed with
Asperger’s, demonstrating that there could be considerable benefits to having “abnormal” behavior.37 This
was evidenced in the case of Musk, whose Asperger’s traits seemingly accounted for his extreme
intelligence, his uncanny ability to focus, his disinterest and lack of concern for social activity, his undying
persistence, and his extreme problem-solving skills. All of these characteristics contributed to his success
with Tesla, SpaceX, and other technology companies. These traits were not uncommon, but for Musk, their
combination was rare, and their extreme level made Musk’s success that much more remarkable.
Trait Theory of Leadership
Trait theory is the psychological study of personality that identifies personality traits predicting behavior.38
In the early days, it was believed these traits were inherited and stable, but later it was understood they
could also change and be developed. This was an evolution from the Great Man theory developed in 1800s,
which predicted leadership capability was an inherited not a learned set of traits.39 A trait could be viewed
as a relatively stable characteristic that caused individuals to behave in certain ways. The trait approach to
personality focused on the differences between individuals, and trait theory attempted to identify and
measure these individual personality characteristics that predicted certain behaviors.
What Was the Trait Theory of Leadership?

Carl Lindburg explained that trait theory of leadership focused on leadership studies from the first half of
the 20th century. He stated, “The trait theory research aims at analyzing mental, physical, and social
characteristics in an attempt to understand what combination of characteristics is common among successful
leaders. The trait theory of leadership argues that leaders can become more successful by developing and
ST130 4
2023.
learning those key traits.”40 Ralph Stogdill's study provided examples of traits and qualities of successful
leaders. [See Exhibit 6, Examples of the Trait Theory of Leadership.]
Musk as a Successful Leader
Musk’s success was propelled by several unique personality traits found in his Asperger’s and also in other
successful leaders, such as high intelligence, persistence, vision and foresight, and motivation.
High Intelligence
Musk used one of his key traits as a leader—his high intelligence identified in his Asperger’s diagnosis.
[See Exhibit 6 for trait examples.] Intelligence was commonly defined as the ability to acquire and apply
knowledge. He was able to think scientifically, analyze precisely, and interpret problems. This enabled him
to lead top engineers in developing technologies in EVs, manufacturing automation, and space technology.
I operate on the physics approach to analysis. You boil things down to the first principles or
fundamental truths in a particular area and then you reason up from there. 41
—Elon Musk
Intelligence was defined as a natural quality related to the brain’s functioning and was certainly influenced
by genetic makeup, but many psychologists also believed it and other characteristics could be enhanced
using proper training programs and evolved over time.42
Persistence and Grit
Throughout Musk’s career, he exhibited a number of positive traits from Asperger’s, including proficiency
in engineering, persistence and commitment to a job well done, and attention to details.43 Musk explained
that when the first Tesla gigafactory in Fremont was under development, he lived and slept on the factory
floor until the assembly line was up and running. He was once quoted as saying that he wished he did not
have to stop to eat and that intravenous feeding would be more efficient. When Tesla and SpaceX were
facing bankruptcy, he went to extreme lengths to keep them afloat before their products were viable.
Musk was an example of a person with extreme grit, which was a trait of tenacity related to the Big-Five
factors of conscientiousness. 44 This trait contributed to his Asperger’s diagnosis. According to Angela
Duckworth’s book, GRIT, grit was a “combination of passion (a deep, enduring knowledge of what you
want) and perseverance (hard work and resilience). It’s about moving in a direction with consistency and
endurance, like having a clear inner compass that guides all your decisions and actions.”45 Duckworth and
the references in her research revealed that the secret to outstanding achievement was not explained by
talent but by an individual’s grit and determination over a long period of time. This was certainly the case
for Musk, who pushed on despite the explosions of SpaceX’s rockets, potential bankruptcy of Tesla, and
other setbacks in his career, eventually achieving success.
Communication Skills and Growth Mindset

Great leaders were often known for their ability to effectively interact with team members and others. This
was in contrast to the traits associated with Asperger's, which made it difficult for afflicted people to
communicate and develop social skills. People with Asperger's often had difficulty understanding the
feelings and facial expressions of others. When Musk was growing up, understanding social cues was not
well developed.
ST130 5
2023.
I would just tend to take things very literally but then that turned out to be wrong—people were not
simply saying exactly what they mean, there's all sorts of other things that are meant, and it took me a
while to figure that out46
—Elon Musk, TED2022 conference
During Musk’s school days, he was seen as a “nerd” and was not fully accepted by many of the other
students. Later, as he gained more experience in the business world, he learned to be persuasive and
eloquent in order to attract investors to his businesses and, most importantly, maintain their trust in his
adventurous investments. Musk was also able to excite the public at large with the message that he could
“change the world” as a leader. In many public appearances to promote his Tesla products, he became a
“showman” with his unique sense of humor and wit, speaking in his monotone dialogue.
Stanford psychologist Carol Dweck and colleagues proposed the concept of a “growth mindset,” the belief
that a person’s talents and capacities could improve over time.47 Some individuals were naturally talented
and able to acquire skills and knowledge effortlessly, while others were more orderly and focused on
achieving goals. Around 50% of people had a growth mindset and continued to learn and grow from
experiences and mistakes.48 This same willingness to move forward despite setbacks and a confidence that
one could continue to learn could certainly be applied to Musk. He clearly had a growth mindset that
contributed to his overcoming some of the social limitations of his Asperger traits.
Elon’s Behavior and Acquisition of Twitter

Before Purchasing Twitter
Despite the purchase of Twitter being seen as a distraction from Musk’s duties at Tesla, where he was
facing increased production demand and competition from other EV makers, including Chinese car
manufacturers, Musk was undeterred.49He shared in a TEDTalk interview that he believed in free speech
and was committed to finding the truth, which was the main reason he purchased Twitter. 50
Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where
matters vital to the future of humanity are debated.51
—Elon Musk
Tesla share prices soared in 2020 and 2021 [see Exhibit 7]. On 4 November 2021, Musk’s net worth
reached a record high of around USD340bn, making him the wealthiest person in the world.52 Immediately
after Musk officially announced he would acquire Twitter on 26 April 2022, fears were sparked among
investors, which caused Tesla’s shares to drop. 53 To finance the purchase of Twitter at USD46.5bn,
including acquisition costs, Musk sold off some Tesla shares, acquired USD20bn in loans from Morgan
Stanley, raised another USD21bn in equity financing, and pledged some of Tesla’s shares as collateral.54
After legal battles with Twitter’s shareholders, in October 2022, Musk privatized Twitter and became the
majority shareholder, holding 74% of the company.55
Musk’s Mismanagement of Twitter

Since Twitter’s IPO listing, it faced losses in six out of eight years.56 Musk began a series of reforms, with
immediate layoffs of around 50% of the staff, regardless of their work performance or importance to the
company.57 He fired the board of directors of the company as well. [Figure 2 showed an image from Elon’s
ST130 6
2023.
Twitter page when he famously entered Twitter’s headquarters in San Francisco, carrying a sink through
the lobby area on 26 October 2022.]
Figure 2: Must Carrying a Sink to Twitter’s Headquarters
Source: “Sink-carrying Elon Musk visits Twitter before $44bn deal deadline,” Al Jazeera, 27 October 2022,
https://www.aljazeera.com/news/2022/10/27/sink-carrying-elon-musk-visits-twitter-before-44bn-deal-deadline,
accessed 28 January 2023.
Musk later rehired some of the management and staff, while increasing the workload of the remaining
employees.58 Twitter employees who were dismissed without following their employment terms and local
regulations sued the company.
He removed some of the filters on tweets, allowing users that were previously banned, false information,
racist speech, and accounts of US right-wing activists to remain on the platform. Twitter then banned some
accounts of journalists who supported the US Democratic Party.59 This led multiple corporate clients to
withdraw their advertising after concerns about their brand safety. As advertising contributed 90% of
Twitter’s revenue, the company’s sales dropped significantly.60 From Musk’s responses, he demonstrated
that he could not face criticism from the public and corporate clients that disagreed with him. Two months
after the acquisition, based on the survey votes of Twitter users, Musk decided to resign as CEO of Twitter
once a replacement was found.
Musk’s Eccentric Behavior

Some people with Asperger’s showed impaired social skills and faced challenges in social situations despite
typically not having language delays, as seen in classic autism.61 Before Musk purchased Twitter in 2022,
he had over 120 million followers on Twitter, having sent out over 21,000 tweets.62 He was often combative
and tweeted to discredit those who disagreed with him or challenged him in their tweets.
As the CEO of listed companies, Musk was known to disregard rules and discipline by tweeting or making
public comments, leading to complaints by the US Securities and Exchange Commission (SEC). On 7
August 2018, Musk tweeted that he was considering privatizing Tesla at USD420 a share, and claiming
funding was secured.63 Tesla share price rose immediately, although Musk did not follow through with his
announcement. [See Exhibit 7 on Tesla Share Price Movement.] This opened the door for legal action by
investors, as they suspected that Musk was attempting to manipulate share prices and to ambush Tesla’s
short sellers. The SEC began inquiring whether Musk had sufficient funding as he claimed.
ST130 7
2023.
When Tesla was removed from the S&P 500 ESG index, Musk called the metrics of the index the “Devil
Incarnate.”64 The index pointed out racial labor issues and environmental concerns at Tesla. Musk argued
that Exxon received a high ranking in this same index despite burning fossil fuels.
Tesla Investors’ Behavior

In August 2022, at Tesla’s 2022 annual shareholders meeting, small investors in the audience showed
immense respect and support for Musk’s presentation and Q&A session. 65 However, after Musk’s
mishandling of Twitter, and the rising competition from global EV makers, especially in China, many
Tesla’s investors lost confidence in the company’s CEO and sold their shares, driving share price down by
37% in December 2022 [see Exhibit 7].66 This resulted in Musk’s loss of the biggest fortune in history,
estimated at around USD200bn compared to 2021.67 Nevertheless, some financial analysts considered that
Tesla’s share price had been overvalued and was now undervalued based on global demand for EVs, the
delivery of Tesla’s backlogged models (Cybertruck in 2023), and the upcoming launch of the affordable
compact hatchback.68 Tesla also had promising ongoing research results in RoboTaxi, an autopilot hired
taxi.
Leader’s Influence on a Company’s Value
Tesla was an example of the influences of a leader on the value of a company. When Musk was a positive
force for the company, coupled with a profitable business starting in FY2020, Tesla’s share price went up
and attached a premium to its value [see Exhibit 7].
Figure 3: Elon’s Influence on Tesla’s Value
Source: Aswath Damodaran, “Revisiting Tesla in January 2023: The Great Unraveling or a Return to
Normalcy?” YouTube, 27 January 2023,
https://www.youtube.com/watch?v=YDKIewKscLk&list=PLVsxvnj4Med6ni3Tu4ok1K7g0-2jYlRkf&index=8,
accessed 3 February 2023.
Once Elon’s negative factors outweighed his positive contributions, a discount was attached to the
company’s value instead. Some US investors purchased Tesla’s EVs or shares because they held beliefs
similar to Musk’s politics. In California, where the majority of voters were Democrats, there was much
resentment of Musk’s Republican leanings.69 In addition, Twitter was based in San Francisco, where many
employees had been laid off. Keeping politics or personal preference out of investing was not an easy task.
ST130 8
2023.
Musk, with a diagnosis in the autism spectrum, became one of the wealthiest persons in the world and a
successful leader in technology. Traits identified in people did not need to last forever; people could develop
and change in positive or negative ways. Musk brought to the fore how unique personality characteristics
could accelerate success and also lead to downturns. Did his struggle with Twitter exemplify the social
deficit traits of his personality as he was now involved in pleasing multiple stakeholders, which required
diplomacy not well developed in his personality? What should happen to Twitter?
In some firms, the board should be careful not to rein in its eccentric executives too much because that was
part of the company’s competitive edge—a good example was Elon Musk.70 However, members of Tesla’s
board had a duty to stockholders to ensure they were managing the company properly and not allowing
value to be destroyed. Tesla’s board had to decide how and when to intervene. What if the CEO did not
respond well to the board’s interventions? What boundaries of activity or decline in company value should
the Tesla board allow its CEO? Should the board continue to support Musk as CEO, or should it mandate
that he become chief technology officer and/or executive chairman instead? Was it time for a vote at Tesla?
ST130 9
2023.
EXHIBIT 1: TESLA’S MAJOR EVENTS

Date Description of Events
1 July 2003 Martin Eberhard founded Tesla. (Note 1)
2003 Jeffrey B. Straubel and Marc Tarpenning also became cofounders of Tesla.
(Note 1)
February 2004 Musk invested USD6.5m in Tesla and became the largest shareholder.
2006 Tesla secured USD105m in funding.
2008 Eberhard officially left Tesla.
Tesla’s first EV, Roadster, was delivered.
Musk took over the company while it was on the brink of financial collapse and
narrowly avoided bankruptcy.
2009 The company received USD82.5m in funding.
20 April 2010 Daimler invested 10% holdings in Tesla at around USD50m.
21 May 2010 Toyota gained Tesla shares through a USD50m share purchase.
29 June 2010 Tesla’s shares were traded in the name of TSLA on the NASDAQ. The debut
share price was USD17, but after the stock split, it was USD1.59.
22 June 2012 The company delivered its first Model S. Share price was USD2.25.
February 2014 Tesla opened a gigafactory in Nevada. Share price was USD13.22.
2015 Tesla delivered the first Model X and launched Autopilot to customers.
2017 The company launched the first Model 3 for the mass market. Share price was
USD22.34.
1 August 2018 Tesla reported the biggest loss yet. Share price at USD20.06.
7 August 2018 Musk tweeted that Tesla had “funding secured” to take the company private.
Share price was USD25.3.
September 2018 SEC fined Tesla and Musk USD20m each and required Musk to step down
from Tesla’s board. Share price was USD19.26.
25 February 2019 SEC filed for contempt against Musk.
23 October 2019 Tesla’s Gigafactory Shanghai began production.
March 2020 Tesla delivered the first Model Y.
July 2020 The company made a full year of profit. Share price was USD106.16.
June 2021 The company delivered the first Model S Plaid model.
25 October 2021 Tesla surpassed USD1tn in market capitalization. Share price was USD341.62.
1 December 2021 The company moved its headquarters to Austin, Texas.
11 February 2022 Tesla faced a racial discrimination lawsuit. Share price was USD286.67.
22 March 2022 Tesla opened Gigafactory Berlin.
7 April 2022 Tesla opened Gigafactory Texas. Share price was USD352.42.
26 April 2022 Musk revealed his interest in purchasing Twitter. Share price fell by 12.18% to
USD292.14.
August 2022 The state of California accused Tesla of misrepresenting Autopilot and FSD.
October 2022 Musk became the majority shareholder of Twitter and started massive layoffs.
21 December 2022 Musk said he would resign as CEO of Twitter, once a replacement was found.
Share price was USD137.57.
Late in December Tesla promoted car sales by offering discounts.
2022
24 December 2022 Gigafactory Shanghai started to suspend production. On 27 December 2022, the
share price was USD109.1.
Note 1: Tesla’s cofounders disputed the history of the early founding of the company.
Sources: “Tesla History Timeline: Evolution & Stock Prices,” CleanTechnica, 18 October 2022,
https://cleantechnica.com/2022/10/18/tesla-history-timeline-evolution-stock-prices/, accessed 5 January
2023, compiled by the authors.
ST130 10
2023.
EXHIBIT 2: ELON MUSK’S BIOGRAPHY
Photo by Britta Pedersen/POOL/AFP via Getty Images Photo by Martin Schoeller for Forbes
Place of birth: Pretoria, South Africa

Year of birth: 1971
Residence: Austin, Texas
Citizenship: USA
Marital Status: Single (divorced)
Children: 10 (9 surviving)
Education: University of Pennsylvania. Undergraduate degree in economics and a second degree in
physics.
 Musk cofounded six companies including electric carmaker Tesla, rocket producer SpaceX,
tunneling startup Boring Company, and PayPal.
 In December 2022, Musk owned about 25% of Tesla between stock and options but had pledged
more than half his stock as collateral for loans.
 SpaceX, founded in 2002, was worth USD127bn after a funding round in May 2022; it
quadrupled its value in three years.
 Boring Company, which aimed to defeat traffic, raised USD675m in April 2022 at a USD5.7bn
valuation.
 Twitter's board agreed to sell the company to Musk for USD44bn in April 2022, after he
disclosed a 9.1% stake and threatened a hostile takeover.
 The deal closed in October 2022 after Musk tried to back out and Twitter sued. Musk owned an
estimated 74% of the company.
 In December 2022, Musk decided to step down as Twitter’s CEO once a replacement was found.
Sources: Elon Musk, Profile, Forbes, https://www.forbes.com/profile/elon-

musk/?listuri=rtb&sh=49069de57999, accessed 31 December 2022; Elon Musk, Biography.com, 31
October 2022, https://www.biography.com/business-leaders/elon-musk, accessed 3 January 2023.
ST130 11
2023.
EXHIBIT 3: TESLA’S PRODUCTION
(1) Summary of the Status of Tesla Vehicle Models in Production and under Development, in
January 2023
Source: Tesla FY2022 Form 10K, SEC, p. 33,

https://www.sec.gov/Archives/edgar/data/1318605/000095017022000796/tsla-20211231.htm and
https://ir.tesla.com/#other-documents-events, accessed 31 January 2023.
(2) Tesla’s Production and Delivery of EVs in 2022

Production Deliveries
Model S/X 71,177 66,705
Model 3/Y 1,298,434 1,247,146
Total 1,369,611 1,313,851
Source: “Tesla Vehicle Production & Deliveries and Date for Financial Results & Webcast for Fourth
Quarter 2022,” Tesla, Business Wire, 2 January 2023, https://ir.tesla.com/press-release/tesla-vehicle-
production-deliveries-and-date-financial-results-webcast-fourth-quarter, accessed 16 January 2023.
(3) Tesla EV Production Capacity by Location
Source: 2022 Q4 Tesla Quarterly Update, p. 9, Tesla Quarterly Disclosure, https://ir.tesla.com/#quarterly-

disclosure, accessed 17 February 2023.
ST130 12
2023.
EXHIBIT 4: TESLA’S FINANCIAL SUMMARY
Profit and Loss, and Cash Flow Summary from FY2018 to FY2022
31 31 31 31 31 Year-
December December December December December on-year
2018 2019 2020 2021 2022
(USD in millions)
Profit and Loss
Automotive revenues 18,515 20,821 27,236 47,232 71,462 51%
of which regulatory credits 419 594 1,580 1,465 1,776 21%
Automotive gross profit 4,341 4,423 6,977 13,839 20,354 47%
Automotive gross margin 23.4% 21.2% 25.6% 29.3% 28.5% -82bp
Total revenues 21,461 24,578 31,536 53,823 81,462 51%

Total gross profit 4,042 4,069 6,630 13,606 20,853 53%
Total GAAP gross margin 18.8% 16.6% 21.0% 25.3% 25.6% 32bp
Operating expenses 4,340 4,138 4,636 7,083 7,197 2%

(Loss) income from -388 -69 1,994 6,523 13,656 109%
operations
Operating margin -1.8% -0.3% 6.3% 12.1% 16.8% 464bp
Net income (loss) -976 -862 721 5,519 12,556 128%

attributable to common
stockholders (GAAP)
Earnings (loss) per share- -0.38 -0.33 0.21 1.63 3.62 122%
diluted (USD) (GAAP)
Cash Flow
Net cash (used in) provided 2,098 2,405 5,943 11,497 14,724 28%
by operating activities
Capital expenditures -2,101 -1,327 -3,157 -6,482 -7,158 10%
Free cash flow -3 1,078 2,786 5,015 7,566 51%
Cash, cash equivalents, and 3,686 6,268 19,384 17,707 22,185 25%
investments
Sources: “2022 Q4 Tesla Quarterly Update,” Tesla, Quarterly Disclosure, p. 5,

https://ir.tesla.com/#quarterly-disclosure, accessed 10 January 2023.
Tesla FY2022 Form 10K, SEC, pp. 50 and 70,

https://www.sec.gov/Archives/edgar/data/1318605/000095017022000796/tsla-20211231.htm and
https://ir.tesla.com/#other-documents-events, accessed 31 January 2023.
ST130 13
2023.
EXHIBIT 5: TESLA GIGAFACTORY SHANGHAI
Gigafactory Shanghai Exterior
Source: “Q3 FY2022 Update,” Tesla, Quarterly Disclosure, https://ir.tesla.com/#quarterly-disclosure,

Gigafactory Shanghai- General Assembly
Source: “Q4 and FY2021 Update,” Tesla, Quarterly Disclosure, https://ir.tesla.com/#quarterly-disclosure,

Summary of Tesla’s Market Share in Mainland China
“While Tesla has increased sales in China, its second-largest market, it has also lost share. From 15% in
2020, its share of the China EV market fell by a third to just 10% in 2022, according to data from the CPCA.
Tesla offers two models in China, the Model 3 sedan and the Model Y crossover. That keep-it-simple
approach has driven scale and driven down costs.”
Source: In China, Tesla could win electric vehicle price battle – but lose the war,” Reuters, 13 February
2023, https://finance.yahoo.com/news/analysis-china-tesla-could-win-072002760.html, accessed 14
February 2023.
ST130 14
2023.
EXHIBIT 6: EXAMPLES OF THE TRAIT THEORY OF LEADERSHIP

Summary from “The Trait Theory of Leadership Explained with Examples, Pros, and Cons,” by Carl
Lindberg, updated on 10 November 2022:
Ralph Stogdill's study showed that traits of successful leaders included:
“Physical and constitutional factors: Among them, we can mention height, weight, physique, health, and
appearance. Scientists think they have a certain impact on a person's success, and activity, in general. (But
if Alexander the Great is said to be extremely handsome with ‘a certain melting look in his eye,’ the same
can't be said about Napoleon Bonaparte, who had the appearance of being shorter than he really was.)
Intelligence: This is the most important trait, as leaders generally have a higher level of intelligence than
the average of their followers. It is described as an ability to think scientifically, analyze accurately and
interpret problems. It's a natural quality related to the human brain and its activity. But psychologists think
it can be improved with the help of proper training programs. Due to such an ability, good leaders make
decisions that move the group forward.
Self-confidence: As great leaders are self-assured, their followers act in the same way. At least, they are
sure of what they are doing or believing.
Decisiveness: Great leaders know that they are the ones expected to make the tough decisions, and they are
confident in making those choices.
Emotional Stability: Successful leaders are consistent in their actions; know how to control their emotions,
especially anger. Avoiding overreactions is what every leader needs.
Adaptability and flexibility: You cannot find a leader that does not think outside of the box. Such an
ability helps them adapt quickly to changing situations.
Courage and responsibility: Good leaders never hide from challenges. In addition, they take on
responsibility (and take ownership of their mistakes).
Art of communication: Great leaders know various techniques of interacting with both other leaders and
team members.
Role model: Leaders are skilled. Therefore, team members always know whom they will look at when
unaware of how things should be done. In this sense, leaders should have some technical skills of planning,
delegation, analysis, making decisions, controlling, etc.
Trustworthiness: Team members always trust them. For this, leaders should have the ability to work with
team members by winning their confidence and loyalty. As a result, people will cooperate with them
willingly and not under pressure.
Vision and Foresight: Successful leaders can foresee the future, visualize trends and act according to them.
Empathy: Leaders ought to be able to observe things or situations from the point of view of others. This
ability helps leaders predict and understand the behavior of people.
Motivation: Leaders should be great motivators. They know how to inspire team members to do their best.”
Source: Carl Lindberg, “The Trait Theory of Leadership Explained with Examples, Pros, and Cons,”
Leadership Ahoy, 10 November 2022, https://www.leadershipahoy.com/the-trait-theory-of-leadership-
explained-with-examples-pros-and-cons/, accessed 14 February 2023.
ST130 15
2023.
EXHIBIT 7: TESLA SHARE PRICE MOVEMENT (NASDAQ: TSLA), JUNE 2010–JANUARY

2023 (IN USD)
Note: On 17 January 2023, share price was USD125.44.

Source: Tesla share quote, Google Finance,
https://www.google.com/finance/quote/TSLA:NASDAQ?sa=X&ved=2ahUKEwj9uay64qj8AhWIA94K
HR9mA9AQ3ecFegQIHxAY&window=1Y, accessed 17 January 2023.
NASDAQ COMPOSITE INDEX, JANUARY 2018–JANUARY 2023
Note: On 17 January 2023, NASDAQ Composite Index was 11,055.68.

Source: Nasdaq Composite Index, Google Finance,
https://www.google.com/finance/quote/.IXIC:INDEXNASDAQ?window=1Y, accessed 17 January 2023.
ST130 16
2023.
1 Lauren Feiner, “Elon Musk carried a sink into Twitter on Wednesday as deal nears close,” cnbc.com, 26 October 2022,
https://www.cnbc.com/2022/10/26/elon-musk-carried-a-sink-into-twitter-on-wednesday-as-deal-nears-close.html, accessed 15
January 2023.
2 “Elon Musk tweets that he will step down as Twitter CEO once he finds a replacement,” CBS News, 21 December 2022,
https://www.cbsnews.com/news/elon-musk-says-he-will-step-down-as-twitter-ceo-after-finding-replacement/, accessed 15
January 2023.
3 “Trending: Tesla Shares Down After China Production Pause,” Dow Jones, 28 December 2022,
https://www.morningstar.com/news/dow-jones/202212273290/trending-tesla-shares-down-after-china-production-pause,
4 Tesla share quote, Google Finance,
https://www.google.com/finance/quote/TSLA:NASDAQ?sa=X&ved=2ahUKEwj9uay64qj8AhWIA94KHR9mA9AQ3ecFegQIH
xAY&window=1Y, accessed 2 January 2023.
5 Nasdaq Composite Index, Google Finance, https://www.google.com/finance/quote/.IXIC:INDEXNASDAQ?window=1Y,

6 2022 Q4 Tesla Quarterly Update, Tesla Quarterly Disclosure, https://ir.tesla.com/#quarterly-disclosure, accessed 10 January
2023.
7 “Tesla History Timeline: Evolution & Stock Prices,” CleanTechnica, 18 October 2022,
https://cleantechnica.com/2022/10/18/tesla-history-timeline-evolution-stock-prices/, accessed 5 January 2023.

8 “Tesla History Timeline: Evolution & Stock Prices,” CleanTechnica.
9 “2022 Q4 Tesla Quarterly Update,” Tesla Quarterly Disclosure, p. 5.
10 Lora Kolodny, “Elon Musk attorneys try to move trial from California to Texas, citing ‘local negativity,’” cnbc.com, 7 January
2023, https://news.yahoo.com/elon-musk-attorneys-try-move-114819622.html, accessed 15 January 2023.

11 Lora Kolodny, “Elon Musk attorneys try to move trial from California to Texas, citing ‘local negativity.’”
12 Tesla, Google Finance,
https://www.google.com/finance/quote/TSLA:NASDAQ?sa=X&ved=2ahUKEwiYv8bq56j8AhXLA4gKHZe0ANEQ3ecFegQIH
xAY, accessed 12 February 2023.
13 Tesla, Holdings Summary, cnbc.com, https://www.cnbc.com/quotes/TSLA?tab=ownership, accessed 15 January 2023.
14 “Tesla gets the go-ahead to build cars in China, BBC News, 17 October 2019, https://www.bbc.com/news/business-50080806,

15 BYD Company Limited, Company Introduction, https://www.bydglobal.com/en/CompanyIntro.html, accessed 2 March 2023.
16 “Tesla gets the go-ahead to build cars in China,” BBC News.
19 “In China, Tesla could win electric vehicle price battle – but lose the war,” Reuters, 13 February 2023.
https://finance.yahoo.com/news/analysis-china-tesla-could-win-072002760.html, accessed 14 February 2023.

20 “Tesla China Plant Expansion in Doubt,” Bloomberg Markets and Finance, 12 January 2023,
https://www.youtube.com/watch?v=vyUqVcei35E, accessed 16 January 2023.

21 “Tesla China Plant Expansion in Doubt,” Bloomberg Markets and Finance.
24 “Trending: Tesla Shares Down After China Production Pause,” Dow Jones.
28 Michele Berman, MD, “Elon Musk's Asperger's Syndrome—Tesla and SpaceX founder opens up on national TV,” MedPage
Today, 18 May 2021, https://www.medpagetoday.com/popmedicine/celebritydiagnosis/92658, accessed 13 February 2023.

29 Michele Berman, MD, “Elon Musk's Asperger's Syndrome.”
30 Michele Berman, MD, “Elon Musk's Asperger's Syndrome.”
31 “What is Autism?” Autism Speaks, https://www.autismspeaks.org/what-autism, accessed 8 March 2023.
32 “What is Autism?” Autism Speaks.
33 “Autism,” World Health Organization, https://www.who.int/news-room/fact-sheets/detail/autism-spectrum-disorders, accessed
8 March 2023.
34 “Syndrome” was a recognizable complex of symptoms and physical findings which indicate a specific condition for which a
direct cause is not necessarily understood,” “Diagnoses, Syndromes, and Diseases: A Knowledge Representation Problem,”
National Library of Medicine, 2003, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1480257/, accessed 16 January 2023.
35 “Asperger syndrome and other terms,” National Autistic Society, https://www.autism.org.uk/advice-and-guidance/what-is-
autism/asperger-syndrome, accessed 13 February 2023.

36 “Asperger syndrome and other terms,” National Autistic Society.
ST130 17
2023.
37 “20 Famous People with Autism Spectrum Disorder (ASD),” Behavioral Innovations, 14 July 2021, https://behavioral-
innovations.com/blog/20-famous-people-with-autism-spectrum-disorder-asd/, accessed 13 April 2023.
38 Kendra Cherry, “What Is the Trait Theory of Personality?” verywellmind, 23 February 2022,
https://www.verywellmind.com/trait-theory-of-personality-2795955, accessed 16 January 2023.

39 Carl Lindberg, “The Trait Theory of Leadership Explained with Examples, Pros, and Cons,” Leadership Ahoy, 10 November
2022, https://www.leadershipahoy.com/the-trait-theory-of-leadership-explained-with-examples-pros-and-cons/, accessed 14

February 2023.
40 Carl Lindberg, “The Trait Theory of Leadership Explained with Examples, Pros, and Cons.”
41 Elon Musk, Profile, Forbes, https://www.forbes.com/profile/elon-musk/?listuri=rtb&sh=49069de57999, accessed 31
December 2022.
42 Carl Lindberg, “The Trait Theory of Leadership Explained with Examples, Pros, and Cons.”
43 “What is Asperger’s Syndrome?” Applied Behavior Analysis, https://www.appliedbehavioranalysisprograms.com/lists/5-
characteristics-person-aspergers-syndrome/, accessed 19 January 2023.

44 “Conscientiousness is a fundamental personality trait—one of the Big Five—that reflects the tendency to be responsible,
organized, hard-working, goal-directed, and to adhere to norms and rules,” Conscientiousness, Psychology Today,
https://www.psychologytoday.com/us/basics/conscientiousness#:~:text=Conscientiousness%20is%20a%20fundamental%20perso
nality,adhere%20to%20norms%20and%20rules, accessed 16 March 2023.
45 “Summary of the Book: GRIT (by Angela Duckworth),” Tanoto Foundation, https://www.tanotofoundation.org/wp-
content/uploads/2021/09/grit-en.pdf, accessed 15 February 2023.

46 Rob Henderson, Twitter, https://twitter.com/robkhenderson/status/1589391155787370498, accessed 8 March 2023.
47 “What Is a Growth Mindset?” Psychology Today, https://www.psychologytoday.com/us/basics/growth-mindset, accessed 18
February 2023.
48 “What Is a Growth Mindset?” Psychology Today.
49 Jonathan Ponciano, “Tesla Stock Plunge Wipes Out $128 Billion In Value As Twitter Deal Sparks Fears,” Forbes, 16 May
2022, https://www.forbes.com/sites/jonathanponciano/2022/04/26/tesla-stock-plunge-wipes-out-128-billion-in-value-as-twitter-
deal-sparks-fears/?sh=3dfac6ff76f7, accessed 18 January 2023.
50 “Elon Musk talks Twitter, Tesla and how his brain works — live at TED2022,” TED, 14 April 2022,
https://www.youtube.com/watch?v=cdZZpaB2kDM, accessed 13 January 2023.

51 Matthew Impelli, “Asperger's Symptoms Explained After Elon Musk Mocked Over Disorder,” Newsweek, 18 May 2021,
https://www.newsweek.com/aspergers-symptoms-explained-elon-musk-mocked-disorder-1707784, accessed 13 February 2023.

52 David Goldman, “Once richest person in the world, Elon Musk has lost bigger fortune than anyone in history,”
CNN, 4 January 2023, https://abc7.com/elon-musk-worth-twitter-money-tesla/12645968/, accessed 15 January 2023.

53 Jonathan Ponciano, “Tesla Stock Plunge Wipes Out $128 Billion In Value As Twitter Deal Sparks Fears.”
54 Jonathan Ponciano, “Tesla Stock Plunge Wipes Out $128 Billion In Value As Twitter Deal Sparks Fears.”
55 Elon Musk, Profile, Forbes.
56 “Elon Musk took over a struggling Twitter,” CNBC, 9 November 2022, https://www.cnbc.com/2022/11/09/elon-musk-took-
over-a-struggling-twitter-and-has-quickly-made-it-worse.html, accessed 28 January 2023.

57 “Elon Musk took over a struggling Twitter,” CNBC.
58 “Former Cisco CEO weighs in on Elon Musk's Twitter leadership playbook,” Yahoo Finance, 1 December 2022,
https://finance.yahoo.com/news/former-cisco-ceo-weighs-in-on-elon-musks-twitter-leadership-playbook-154700196.html,
59 “Elon Musk tweets that he will step down as Twitter CEO once he finds a replacement,” CBS News, 21 December 2022.
60 “Elon Musk took over a struggling Twitter,” CNBC.
61 “What is Asperger’s Syndrome?” Applied Behavior Analysis.
62 “Elon Musk tweets that he will step down as Twitter CEO once he finds a replacement,” CBS News.
64 “Why Tesla was kicked out of the S&P 500 ESG Index,” cnbc.com, 19 May 2022, https://www.cnbc.com/2022/05/18/why-
tesla-was-kicked-out-of-the-sp-500s-esg-index.html, accessed 7 January 2023.

65 “Elon Musk Answers All Your Questions at Tesla's 2022 Shareholder Meeting,” CNET Highlights,
https://www.youtube.com/watch?v=dqOUCjHOtAQ&list=PLVsxvnj4Med6ni3Tu4ok1K7g0-2jYlRkf&index=2, accessed 4
February 2023.
66 David Goldman, “Once richest person in the world, Elon Musk has lost bigger fortune than anyone in history.”
67 David Goldman, “Once richest person in the world, Elon Musk has lost bigger fortune than anyone in history.”
68 Jamie Edkins, “Tesla Investor Day: Cybertruck, Tesla hatchback and Master Plan 3 details revealed,” Carwow,
2 March 2023, https://www.carwow.co.uk/tesla/news/6723/tesla-investor-day-2023, accessed 6 March 2023.

70 “Three CEO Personality Traits that Can Affect Stock Prices,” AOM Insights, 26 September 2019,
https://journals.aom.org/doi/abs/10.5465/amj.2018.0626.summary, accessed 17 February 2023.

ST130 18
2023.

Teslas Unique Leader - Is It Time to Change_ST130-PDF-ENG (1)

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Teslas Unique Leader - Is It Time to Change_ST130-PDF-ENG (1)

Uploaded by

Copyright:

Available Formats

HBP Product ID: ST130

Tesla’s Unique Leader - Is It Time to Change?

Last edited: 17 April 2023

Tesla’s Shareholders and Management

Opportunities and Challenges in the Mainland Chinese Market

Psychological Influence in Leadership Behaviors

Figure 1: Asperger’s Characteristics

Source: “What is Asperger’s Syndrome?” Applied Behavior Analysis,

What Was the Trait Theory of Leadership?

Musk as a Successful Leader

Communication Skills and Growth Mindset

Elon’s Behavior and Acquisition of Twitter

Musk’s Mismanagement of Twitter

Musk’s Eccentric Behavior

Tesla Investors’ Behavior

EXHIBIT 1: TESLA’S MAJOR EVENTS

EXHIBIT 2: ELON MUSK’S BIOGRAPHY

Place of birth: Pretoria, South Africa

Sources: Elon Musk, Profile, Forbes, https://www.forbes.com/profile/elon-

EXHIBIT 3: TESLA’S PRODUCTION

Source: Tesla FY2022 Form 10K, SEC, p. 33,

(2) Tesla’s Production and Delivery of EVs in 2022

(3) Tesla EV Production Capacity by Location

Source: 2022 Q4 Tesla Quarterly Update, p. 9, Tesla Quarterly Disclosure, https://ir.tesla.com/#quarterly-

EXHIBIT 4: TESLA’S FINANCIAL SUMMARY

Total revenues 21,461 24,578 31,536 53,823 81,462 51%

Operating expenses 4,340 4,138 4,636 7,083 7,197 2%

Net income (loss) -976 -862 721 5,519 12,556 128%

Sources: “2022 Q4 Tesla Quarterly Update,” Tesla, Quarterly Disclosure, p. 5,

Tesla FY2022 Form 10K, SEC, pp. 50 and 70,

EXHIBIT 5: TESLA GIGAFACTORY SHANGHAI

Gigafactory Shanghai Exterior

Source: “Q3 FY2022 Update,” Tesla, Quarterly Disclosure, https://ir.tesla.com/#quarterly-disclosure,

Gigafactory Shanghai- General Assembly

Source: “Q4 and FY2021 Update,” Tesla, Quarterly Disclosure, https://ir.tesla.com/#quarterly-disclosure,

Summary of Tesla’s Market Share in Mainland China

EXHIBIT 6: EXAMPLES OF THE TRAIT THEORY OF LEADERSHIP

EXHIBIT 7: TESLA SHARE PRICE MOVEMENT (NASDAQ: TSLA), JUNE 2010–JANUARY

Note: On 17 January 2023, share price was USD125.44.

NASDAQ COMPOSITE INDEX, JANUARY 2018–JANUARY 2023

Note: On 17 January 2023, NASDAQ Composite Index was 11,055.68.

accessed 2 January 2023.

https://cleantechnica.com/2022/10/18/tesla-history-timeline-evolution-stock-prices/, accessed 5 January 2023.

2023, https://news.yahoo.com/elon-musk-attorneys-try-move-114819622.html, accessed 15 January 2023.

accessed 14 January 2023.

https://finance.yahoo.com/news/analysis-china-tesla-could-win-072002760.html, accessed 14 February 2023.

https://www.youtube.com/watch?v=vyUqVcei35E, accessed 16 January 2023.

Today, 18 May 2021, https://www.medpagetoday.com/popmedicine/celebritydiagnosis/92658, accessed 13 February 2023.

autism/asperger-syndrome, accessed 13 February 2023.

https://www.verywellmind.com/trait-theory-of-personality-2795955, accessed 16 January 2023.

2022, https://www.leadershipahoy.com/the-trait-theory-of-leadership-explained-with-examples-pros-and-cons/, accessed 14

characteristics-person-aspergers-syndrome/, accessed 19 January 2023.

content/uploads/2021/09/grit-en.pdf, accessed 15 February 2023.

https://www.youtube.com/watch?v=cdZZpaB2kDM, accessed 13 January 2023.

https://www.newsweek.com/aspergers-symptoms-explained-elon-musk-mocked-disorder-1707784, accessed 13 February 2023.

CNN, 4 January 2023, https://abc7.com/elon-musk-worth-twitter-money-tesla/12645968/, accessed 15 January 2023.

over-a-struggling-twitter-and-has-quickly-made-it-worse.html, accessed 28 January 2023.

tesla-was-kicked-out-of-the-sp-500s-esg-index.html, accessed 7 January 2023.

2 March 2023, https://www.carwow.co.uk/tesla/news/6723/tesla-investor-day-2023, accessed 6 March 2023.

https://journals.aom.org/doi/abs/10.5465/amj.2018.0626.summary, accessed 17 February 2023.

You might also like