Morgan Stanley, an American financial services firm, recently compared Bitcoin’s (BTC) performance to that of Tesla (TSLA). Over the last two months, Tesla’s stock has lost roughly $500 billion in market capitalization.
The half-trillion-dollar beating has taken its toll on CEO Elon Musk’s net worth, which is now on the verge of falling below French fashion tycoon Bernard Arnault on the list of the world’s wealthiest people.
Musk, who has been busy amplifying far-right propaganda on Twitter since assuming control of the social media platform, has painted Tesla in a negative light. According to Morgan Stanley, the Twitter saga has potentially jeopardized several areas of the economy, including consumer sentiment, commercial partnerships, capital market support, and government relations.
Some experts believe Tesla’s board of directors may be under pressure to rein in the CEO. The board of the electric vehicle manufacturer has been repeatedly chastised for its lack of independence from Musk. Tesla’s future has been called into question after losing the equivalent of three Disneys and four Nikes in a single year.
So far, Morgan Stanley maintains a cautiously optimistic outlook, arguing that there must be some type of sentiment shift surrounding the Twitter crisis that would alleviate shareholder concerns. Citi, another major bank, claims that at the current price, the stock offers a balanced risk-reward trade. TSLA is down 60% from its all-time high. In the meantime, BTC is down 76.21%.
