The Ratings Game: Tesla stock closes lower than $150 for first time in more than two years as analysts say they can’t ignore Elon Musk’s Twitter ‘nightmare’ anymore

by | Dec 19, 2022 | Stock Market

Tesla Inc. shares closed lower than $150 for the first time in more than two years Monday, after analysts said they are concerned that Chief Executive Elon Musk is being distracted from running the $484 billion electric-vehicle maker as he also runs the social-media service Twitter. Tesla
shares closed down 0.2% at $149.87. Factoring in the stock’s 3-for-1 split in August, shares closed lower than they have since Oct. 15, 2020, when they finished at a split-adjusted $149.63. The S&P 500 index
slipped 0.9% Monday and the tech-heavy Nasdaq Composite Index
declined 1.5%.

Tesla shares are down 57.5% year to date, compared with a 19.9% fall on the S&P 500 and a 32.6% drop on the Nasdaq. Tesla shares suffered their worst week since 2020 last week, as a high-profile investor called on Musk to name a new Tesla CEO and Musk sold $3.6 billion in Tesla stock, his second large sale of shares in a little more than a month. For more: Tesla stock suffers worst week since 2020 as Elon Musk sells, large shareholder asks for new CEO Tesla shares have struggled since Musk agreed to acquire Twitter for $44 billion earlier this year, then sued to try to get out of the deal. Since officially closing the deal in October, Musk has appeared to spend much of his time focused on the social-media service, and has reportedly pulled in employees of Tesla as well as SpaceX in an attempt to turn Twitter around.


Oppenheimer analyst Colin Rusch downgraded Tesla to perform in a Monday note, citing the maelstrom at Twitter and noting he had tried to ignore it previously. “While we continue to see Tesla evolving EV and autonomous technology in advance of peers and driving costs to levels those peers will struggle to match—and have tried to separate …

Article Attribution | Read More at Article Source

Share This