Tesla shares tanking almost 13% on Tuesday (and remaining flat on Wednesday) underscore a growing problem with Elon Musk buying Twitter. That being said, investors in the electric vehicle maker are concerned Musk will drop the ball at a company that has finally hit its stride.

One worry "is around Musk being 'distracted' and pulled in too many directions focused on Twitter, Tesla, and SpaceX," Wedbush analyst Dan Ives said in a new note to clients. "This is less of a worry for us as we do not expect Musk to be CEO of Twitter but rather likely in a Chairman of the Board role with less time pressures around transforming Twitter. However, the Twitter deal brings another X variable into the mix for Musk which will be a concern for investors until they are proven otherwise. While the Tesla story is not impacted, Musk is the hearts and lungs of the Tesla story and the Twitter saga now unfortunately becomes an overhang for Tesla shares in the near-term."

Earlier this month, Musk acquired a 9.2% stake in Twitter before striking a deal to buy the social media platform for $54.20 a share on Monday.

As drama around Musk and Twitter unfolds, Tesla shares have dropped 18% in April. That brings us to the second worry on the Tesla investment story, at least seen through the eyes of the closely followed Ives: Musk is likely to have to dump shares to fund the Twitter deal, putting more pressure on the stock.

If stock is sold at a time in which Musk drops the ball leadership-wise at Tesla (which would show up in the company's financials), investors could be additionally penalized.

"The $21 billion in equity financing will result in some piece of Musk's Tesla ownership being sold over the coming year even though a core piece of this financing is likely held as collateral and not actually sold in the transaction," Ives explained. "To this point, there is a lot of confusion about the $21 billion equity component of the Twitter transaction on the Street around if Musk brings in PE partners to help finance the deal or goes at it alone. Combining this dynamic with the debt taken on as part of the Twitter transition, now a good portion of Musk's Tesla shares will be spoken for/used as collateral for this deal which is putting near-term pressure on the stock."

Ives added that this dynamic "has put a black cloud over Tesla's stock in the near-term as the Twitter financing component for Musk is now front and center for the bears."

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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