Shares of electric vehicle maker Tesla (NASDAQ:TSLA) are under pressure today after a Wall Street Journal report indicated that Elon Musk’s use of illegal drugs has leaders at his companies worried. While Musk is known for his diverse array of views on a variety of topics, the top names at his companies worry that his use of drugs could impact not only his health but also the companies he oversees.
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Reportedly, the business tycoon has used LSD, cocaine, ecstasy, and psychedelic mushrooms. His use of marijuana is well-documented in the public domain. This drug use could potentially impact Mr. Musk’s ventures, such as government contracts for SpaceX. However, Mr. Musk’s attorney, Alex Spiro, commented that the Tesla supremo is “Regularly and randomly drug tested at SpaceX and has never failed a test.”
While investors and top names at Musk’s companies may be concerned, the CEO of Tesla responded to users on X, “If drugs actually helped improve my net productivity over time, I would definitely take them.”
Meanwhile, Tesla is slated to report its fourth-quarter results on January 24. Analysts expect the company to post an EPS of $0.72 on revenue of $25.52 billion for the quarter. In the comparable year-ago quarter, Tesla’s EPS of $1.19 had comfortably outpaced expectations by $0.06. Tesla shares have gained over 115% over the past year. In addition, the company clocked a nearly 69% jump in China-made EV deliveries during December 2023.
What is the Forecast for Tesla Stock?
Overall, the Street has a Hold consensus rating on Tesla. Following the spectacular rally in its share price in 2023, the average TSLA price target of $249.92 implies a modest 5.2% potential upside in the stock.
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