‘Shocking!’ CNBC Anchors Stunned By Tesla’s Brutal Stock Dive Amid Elon Musk’s Twitter ‘Shenanigans’

CNBC anchor David Faber called Tesla’s brutal stock dove “shocking,” and debated host Jim Cramer about the degree to which Twitter “shenanigans” are responsible for the decline.

On Wednesday morning’s edition of CNBC’s Squawk on the Street, Faber described Tesla’s stock decline over the past three months as “shocking,” and described some of Musk’s machinations, including his huge dump of Tesla stock and his recent Twitter interaction with Tesla investor Ross Gerber, who called for a “shakeup” at the company.

Cramer weighed in to note the company’s loss of market share, in addition to the Twitter “shenanigans”:

DAVID FABER: Musk coming back with, “Hey, do you read your textbooks? Rates go up, things, growth goes down. You know, maybe you just want to sort of figure that out. And that’s true to a certain extent. Growth is slowing, there’s no doubt about that.

There are continued questions, though, about his last sale of three and a half billion dollars worth of stock. He didn’t explain it. It wasn’t clear that it was to help support Twitter. Is it another reason? Is there more taxes to be paid perhaps in the state of California?

We can speculate all we want. We don’t know. But that, of course, has also left the market to a certain extent, a little more concerned. You know, all these incredibly wealthy people also margin a certain amount of their stock because it’s a way to not pay taxes, but to finance their lifestyle. How much?

And then, Jim, there was what you know, I reported yesterday, which we would have thought would have been seen as a positive, namely that he was actively seeking somebody to replace him at Twitter as the CEO.

JIM CRAMER: You think it’s real?

DAVID FABER: Yeah, of course I do.

JIM CRAMER: So do I. That’s why I reported it.

DAVID FABER: Not not that big a surprise. And then late in the night, even after he did tweet at me two face smiling faces, he said, I will resign as soon as I find somebody foolish enough to take the job.

JIM CRAMER: Right. That was funny.

He’s looking, you know, he’s trying to figure it out. He’s told people it’s a four month project, so he’s two months in. Maybe it goes another couple of months and he finds somebody in this next two months. We’ll see. But Tesla, you know, the momentum here, Jim, is, is only one way.

JIM CRAMER: Which way would that be?

DAVID FABER: It would be down.

JIM CRAMER: You know why? You know what’s not being talked about at all?

DAVID FABER: Tell me.

JIM CRAMER: That people just talk about this Tesla, Twitter. How about Ford? How about the fact that Tesla is beginning to lose shares? And let’s talk about that. How about the fact that their share’s down 5.91%? How about the fact that Ford Share is now up? It has increased 1.8 to 5.5. How about the fact that Honda has come up a little bit? I think the Tesla share is being called into question. I think that Tesla has peaked in terms of its share in EV in this country…

DAVID FABER: That coupled with the fact that there is a perception that he is damaging the brand to a certain extent by so many of his comments. And I know..

JIM CRAMER: You mean the shenanigans?

DAVID FABER: Yeah, the sh- I don’t know, whatever you want to call it. I mean, we saw that report from Evercore yesterday. We did that right. They took it down from $200, 300 to 200. And they cited the fact that 40% of sales are in California. And he seems to go to no end to attack the very audience for purchases of Teslas.

Watch above via CNBC’s Squawk on the Street.