Tesla shares have reached a 17-month low - investors are concerned that Elon Musk is heavily involved in the social network Twitter
The hype surrounding the purchase of Twitter by Elon Musk has had a negative impact on another company of the American billionaire.
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Of course, we are talking about Tesla, the car manufacturer which shares have reached a 17-month low. At the close of trading on November 7, 2022, the price per share was $197.08, taking into account a 5% drop.
Tesla stock has fallen several times in 2022. But since buying Twitter (the deal was completed on Oct. 27), the value has already fallen 12%, and the NASDAQ 100 index is down almost 2%.
Investors are concerned that Elon Musk is getting too caught up in the (sometimes far-fetched) problems of the social network. They [investors] want the businessman not to sputter on third-party projects and focus on the affairs of Tesla, which is currently going through, to put it mildly, not the best period.
Source: Yahoo Finance