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Tesla stock plummets as investors worry about Twitter controversies and lost China sales

By ET Bureau - December 21, 2022 1 Mins Read


After Wall Street lowered its price targets for the stock of the manufacturer of electric vehicles, Tesla’s shares fell 8.12%.

Analysts worry that CEO Elon Musk is preoccupied with his hostile takeover and micromanagement of Twitter and that China sales will suffer if COVID-19 is allowed to spread after the Chinese government changed its position on strict restrictions. At the time that this article was published, Tesla’s shares had fallen to a more than two-year low of USD 138.

Also Read: Achieving Sustainable Business Growth with Automation-Led ESG

Analysts claim that investors are worried that Musk will sell more Tesla stock to finance Twitter and that his antics on the social media site are damaging the reputation of the electric vehicle manufacturer. One of the many stock dumps the CEO has carried out this year was the sale of USD 3.5 billion worth of shares by Musk last week.

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ET Bureau

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