Tesla stock hits record low as past 17-month gains fade

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Sina Technology News Beijing time on the morning of November 8th, according to reports, after CEO Elon Musk bought Twitter, investors continue to sell Tesla stock, Tesla’s gains in the past 17 months have been fully disappear.

On Monday, local time, Tesla closed down 5% at $197.08, its lowest level since June 2021 and the biggest reason for the decline in the S&P 500.

Shares of Tesla have struggled for much of the year, weighed down by broader market risk-off trends. But the recent stock slide comes amid Musk’s high-profile acquisition of Twitter. On October 27, Musk closed his deal with Twitter, and he has been angrily tweeting about his plans to overhaul the platform since then. Tesla’s shares have fallen more than 12% since then, compared with the S&P 500’s little change and the Nasdaq 100’s 1.9% decline.

Ever since Musk expressed interest in buying Twitter, Tesla investors have been concerned about the billionaire’s lack of talent among several high-profile ventures. Investors especially want him to focus on Tesla, which itself is going through a challenging time. In an inflationary environment, auto demand is slowing, supply chain issues remain, and raw material costs remain high.

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