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Tesla Inc.'s (NASDAQ:TSLA) stock’s plunge in 2022 has been blamed mainly on CEO Elon Musk’s involvement with Twitter, the social media platform he acquired in October.
What Happened: Musk, however, found an ally in economist and gold bull Peter Schiff. “All the talk that @elonmusk’s involvement in #Twitter is the reason #TSLA has been falling is false," Schiff said.
See Also: How to Invest In Tesla (TSLA) Stock
Tesla stock has been over-priced for a long time, and that is also true for the entire electric vehicle sector, said Schiff. The Musk-led company is in fact outperforming its peers, he added.
“TV pundits are looking for another excuse to bash Musk,” the economist said.
Musk is not to be blamed if investors overpaid for Tesla, Schiff said. Even now early investors have the opportunity to cash out with huge gains, he added.
Schiff, one of the harshest critics of cryptocurrencies, said Musk wasn’t responsible for those who were foolish enough to buy Bitcoin (CRYPTO: BTC). His support for Dogecoin (CRYPTO: DOGE) was actually a joke to poke fun at Bitcoin, Schiff added.
In February 2021, Tesla bought $1.5 billion worth of Bitcoin to hold as treasury reserve but has since then liquidated a bulk of those holdings.
Price Action: Tesla closed Monday’s session down 0.24%, at $149.87, according to Benzinga Pro data.
