He’s had enough: Tesla’s biggest fan feels like Elon Musk is treating him like the plague


in 2022 December 15 | Tobias Stall

Leo Kugan is disappointed with Elon Musk.

Photo: dpaLeo Kugan is disappointed with Elon Musk.

Leo Kugan is an Indonesian businessman and multi-billionaire who owes most of his wealth to his bets on Tesla: During the Corona pandemic, Kugan invested all his capital in Tesla shares and made huge sums of money from it. Now the businessman feels like the boss of Tesla Elon Musk but hit his head.

Elon Musk is “the only person on earth I really respect,” Leo Kugan told a business magazine last fall. Forbes against But in the meantime, the Indonesian is no longer so sympathetic to the Tesla boss. While Musk loves humanity and free speech, he “insults his shareholders, ignores them and fights them like a nasty plague,” she said. business week Kugan. What happened?

With a fortune of $5.1 billion, Kugan is one of the richest people in the world. He earned a large portion of this wealth from shares in Tesla, which as of 2020 beginning until 2021 end has grown like never before. Kugan is now Tesla’s third-largest single shareholder, after Elon Musk himself and his partner Larry Ellison.

But since around mid-September of this year, Tesla’s stock has plummeted in value — despite that Tesla had a successful financial year. This could also be due to Musk having to divest a large portion of his Tesla shares due to the takeover of the text messaging platform Twitter. However, this is not the only reason.

Musk’s decisions to fire nearly all of Twitter’s management and more than half of its employees, as well as his growing leanings toward conservative politics, have investors and potential Tesla buyers, who tend to be more progressive, wary. With his statements, Musk has recently caught fire on the right wing, as critics accuse him of. More recently, Musk has demanded, for example, that top US epidemiologist Anthony Fauci be indicted and jailed. In general, Musk now seems to be devoting far more time and attention to the Twitter project than to his electric car company. Musk has posted photos of himself sleeping on a sofa at Twitter headquarters and has been busy arguing with critics on the text messaging platform even late at night.

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Many Tesla fans have already signed up have publicly distanced themselves from the company or even canceled pre-orders for their electric cars. Tesla shares have halved in value since the start of the year, which translates to about $3.5 billion on paper for Leo Kugan, who says he’s “Elon Musk’s biggest fan.”

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