Bullish Tesla Analyst Urges Musk to Step Away from Dogecoin

The outlook for Tesla on Wall Street continues to deteriorate.

Tesla shares have fallen 52% from their peak in December.

Wedbush analyst Dan Ives, one of the most optimistic analysts covering the electric vehicle (EV) maker, warned that a “crisis” is forming at the company and urged CEO Elon Musk to step back from his involvement with Dogecoin (DOGE), Forbes Daily reported.

Tesla shares have fallen 52% from their peak in December. Ives’ note referenced widespread vandalism and protests at Tesla showrooms.

The Justice Department recently charged three individuals with vandalizing and destroying Tesla vehicles, dealerships, and charging stations across three separate states.

Attorney General Pam Bondi described the “swarm of violent attacks on Tesla property” as “nothing short of domestic terrorism.”

Musk has personally called on the White House to arrest, charge, prosecute, and convict those responsible for targeting Tesla outlets, even as consumers continue to abandon his EVs and resale values for Tesla cars decline, the Associated Press (AP) reported.