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Shareholder Tencent declared that Tesla would 'keep bumbling our reasons' despite Elon Musk's issues

Shareholder Tencent declared that Tesla would 'keep bumbling our reasons' despite Elon Musk's issues

January 23, 2023: Tesla resolved “keep bumbling our minds” with technology after CEO Elon Musk was distracted with Twitter, the executive who oversaw an investment from Chinese technology firm Tencent into the U.S. electric carmaker.

Tencent, one of the world’s biggest gaming and social media companies, invested in Tesla in 2017, which takes a 5% stake for around $1.78 billion.

“We saw a significant potential in the company, the category of EVs but also a significant respect for the way Elon was managing the firm,” David Wallerstein, chief “eXploration” officer (CXO) at Tencent, stated on Thursday.

Being a CXO, Wallerstein has a mission of investing in the recent technology for Tencent.

He said that when Tencent invested, “it wasn’t so clear that they were going to live and that EVs were going to survive.”

Since then, Tesla has been one of the largest electric carmakers in the world. It delivered 1.31 million cars in 2022.

But the previous year, Musk purchased Twitter, a step investors saw as a big distraction for the billionaire when Tesla required a steady hand. Tesla stock is down almost 62% over the previous year.

Wallerstein said that despite the distraction, he still has confidence in Tesla.

“Certainly, if a leader gets distracted across many firms, it’s hard to focus, and Elon has many projects. I think they’re still doing huge work,” Wallerstein stated.

He added that there are likely to be several competitors, but that will “be good for the planet” as electric car sales rise.

“I would count on them to keep blowing our minds with what they are doing with technology,” Wallerstein stated.

Tencent is a prolific investor in many industries, from gaming to e-commerce. But the firm recently sold some of its stakes amid a stricter regulatory environment in China.

But Wallerstein is searching for investments in coming-generation areas that could aid the fight against international challenges like climate change. Tencent invested in the Chinese electric vehicle Nio and the German “flying” car company Lilium.

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