Martha Stewart Slams Elon Musk, Favors Rivian Over Tesla
Martha Stewart, the renowned lifestyle expert and businesswoman, has voiced her displeasure with Tesla Inc TSLA CEO Elon Musk, expressing disappointment with the company’s performance and questioning his focus on multiple ventures. The "Domestic Diva" even admitted to recently purchasing a Rivian Automotive Inc RIVN vehicle, highlighting her preference for the up-and-coming EV manufacturer.
Key Takeaways:
- Stewart Criticizes Musk: Stewart voiced her dissatisfaction with Musk’s leadership, stating that she’s "pissed" with him and believes he needs to "get back to work" at Tesla.
- Preference for Rivian: Stewart explicitly stated that she chose a Rivian over Tesla’s Cybertruck, finding the latter "too crazy" for her liking.
- Tesla Stock Performance Disappoints: Stewart expressed disappointment with Tesla’s stock performance, which has fallen over 10% since the beginning of the year.
- Focus on Core Business: Stewart urged Tesla to "concentrate" on its EV business, suggesting she believes Musk’s attention to other ventures is hindering the company’s growth.
- Strong Support for Electric Vehicles: Stewart remains a strong advocate for electric vehicles, owning two electric cars and highlighting her satisfaction with the Rivian purchase.
Martha Stewart’s EV Preferences
During an interview on CNBC’s "Squawk Box," Stewart shed light on her investment portfolio, revealing she holds stock in major tech giants like Meta Platforms Inc META, Apple Inc AAPL, and Alphabet Inc GOOG, all of whom have seen significant growth. However, her enthusiasm wanes when it comes to Tesla, despite acknowledging her ownership of shares.
"I loved Tesla. I’m pissed at Elon Musk … he better get back to work in certain areas,” she declared on the show. Her disappointment stems from the company’s recent performance, which she finds underwhelming given its potential.
Furthermore, Stewart expressed concerns about Musk’s ability to effectively manage his numerous diverse ventures, raising questions about his commitment to Tesla. "I love electric cars. I have two," she stated, adding that she recently acquired a Rivian vehicle, furthering her belief that Tesla should narrow its focus.
When asked if her choice of Rivian was a direct protest against Musk’s management of Tesla, Stewart dismissed the notion, emphasizing that her preference stemmed from the inherent qualities of the vehicle itself.
"I love the colors, I love the shape, I love the whole thing. I tried the Cybertruck and it’s just too crazy for me still," she explained.
Navigating The Electric Vehicle Landscape
Stewart’s outspoken critique of Tesla’s performance, coupled with her positive experience with Rivian, underscores the evolving landscape of the electric vehicle market. Tesla’s dominance in the EV sector is increasingly challenged by a wave of competitors, each vying for a slice of the growing market.
Rivian, with its innovative and stylish trucks and SUVs, has made significant inroads in the market. The company’s recent success, including its reported second-quarter deliveries of 13,790 vehicles, has solidified its position as a force to be reckoned with.
The contrasting fortunes of Tesla and Rivian, as observed by Stewart, highlight the fluid nature of the electric vehicle industry. Consumer preferences and market trends constantly shift, demanding constant innovation and adaptability from manufacturers.
The Impact of Martha Stewart’s Remarks
Stewart’s outspoken remarks about Tesla and its leader have garnered significant attention, fueling further discussion about Musk’s leadership and Tesla’s direction. The fact that a prominent figure like Stewart, with a considerable following, has chosen to speak out about her dissatisfaction with the company could have a ripple effect on consumer sentiment and investor confidence.
Tesla is known for its ardent fan base, but Stewart’s critique may resonate with those who are growing skeptical about the company’s future. The falling stock price, coupled with her publicly voiced concerns, could create a sense of uncertainty and potentially affect consumer decisions regarding Tesla vehicles.
Rivian, on the other hand, stands to benefit from Stewart’s endorsement. Her public admiration for the company’s vehicles and her criticism of Tesla could attract more attention to Rivian and bolster its brand image.
Stewart’s remarks have injected a dose of fuel into the ongoing debate about Tesla’s future and the growing electric vehicle landscape. Furthermore, her choices and opinions, given her substantial influence, could significantly impact the fortunes of these companies and the industry as a whole. It remains to be seen how Tesla will respond to Stewart’s criticisms and whether Rivian can capitalize on the opportunity this presents.
