As Tesla shares sank 8% on Tuesday, reaching a new 52-week low, CEO Elon Musk tried to blame macroeconomic factors.
The Tesla chief has a lot of distractions, as Gerber notes: Musk has been stirring controversy as the new owner and CEO of Twitter, the social media giant which he acquired in a leveraged buyout in late October, and is also the CEO of a major defense contractor, SpaceX.
While Musk has been focused on his new role as "Chief Twit" since late October, Tesla has been offering discounts and incentives to sell cars in China, where it operates a major factory in Shanghai; fighting to make its new factories in Austin, Texas, and Brandenburg, Germany, efficient; and facing persistent supply chain challenges endemic to the auto industry, along with soaring energy prices in Europe which may reduce the appeal of a battery electric vehicle for many drivers.
A Vanderbilt University assistant professor, Joshua White, who formerly worked as an economist for the U.S. Securities and Exchange Commission, told CNBC,Only some of the drop in Tesla's value can be blamed on interest rates. Twitter overhang is one important component. China is another huge component. We still don't know if China will be open all the way, and we see there is supply and demand pressure here in light of the increase in covid cases, and disruptions.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk has chosen Tesla over Twitter as the EV maker's stock fallsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Tesla accused of illegally firing two employees after they criticized Elon MuskTesla employees are the latest to accuse Musk of retaliation.
Read more »
Elon Musk’s poll on his Twitter leadership could affect other businessesTesla investors watched as Twitter voted for Elon Musk to step down as CEO of social...
Read more »
Elon Musk stepping down from Twitter would be bullish for Tesla: MunsterElon Musk stepping down from Twitter would be bullish for Tesla, according to Loup's Gene Munster
Read more »
Twitter voters favor Elon Musk stepping down, as Tesla shares riseNearly 58% or about 17.5 million Twitters votes were cast in favor of Elon Musk stepping down from the company, Musk's Twitter account said Monday. Meanwhile...
Read more »
Tesla stock jumps after poll tells Elon Musk he should step away from Twitter“No one wants the job who can actually keep Twitter alive,” Musk said in another post. “There is no successor.”
Read more »