Wedbush analyst Dan Ives sharpened his criticism of how Elon Musk is running Tesla Inc., saying the electric-vehicle giant’s chief executive needs to make two major moves to stop the stock’s free fall this year.

"It's time for somebody to run Tesla," one early investor said this week. "The business has been neglected for too long."

Elon Musk’s social network X has raised close to $1 billion in new equity from investors, according to people with knowledge of the matter — a deal that gives the company a valuation in line with when Musk took it private in 2022.