Tesla's' biggest problem is that yes, Elon is distracted, but the market is becoming aware that Tesla is a car company, is cyclical,,subject to interest rates, and must constantly refresh new models. Tesla has not had a new model in three years while competitors of all sorts are trying to catch up, particularly in China, as BYD makes more cars than Tesla and in many cases is 2/3's cheaper.
TSLA, along with BYD, cut prices to stimulate weakening demand, particularly in Covid lockdown China. TSLAs $7500 price cut angered recent buyers as used car values immediately dropped. The used car market in general is bad, so this event is unwelcome.
Despite the price drop, volumes still fell short.
TSLA is 24x earnings and its earnings quality has improved, as its warranty expenses are now recognized up front instead of smoothing these expenses. TSLA has benefited from numerous equity raises so its balance sheet is good, but the new shareholders must be disappointed. The current multiple is still a lot to for a car company. The drop in the stock is not all Elon's fault, as companies with very high price to sales ratios are often bad investments. Near zero interest rates before and during Covid allow big growth companies to get expensive.
Elon is lucky. He is lucky to get wealthy in the first place. He is also lucky that he broke SEC disclosure rules and paid little penalty.
And regardless of the political changes at Twitter, it was never a good internet business.