Elon Musk’s Tesla shares have dropped 49 percent since November to an 11-month low amid reports that many investors are starting to worry about the company and its brilliant CEO.
forbes Tesla reported that shares had fallen sharply recently, hitting an 11-month low as many investors worried about the company and its CEO Elon Musk’s ongoing struggle to take over Twitter.
Elon Musk closes his eyes in front of Tesla (Maja Hitij/Getty)
Tesla shares fell seven percent to $628 on Tuesday, pushing the stock nearly 49 percent from its all-time high in November, bringing the company’s market value down by more than $30 billion. The company’s market capitalization fell from $1.2 trillion to $650 billion.
Daiwa analyst Jairam Nathan on Tuesday slashed Tesla’s price target from $1,150 to $800, telling customers that the coronavirus continues to lock in in Shanghai, home of Tesla’s Gigafactory, and that supply issues affecting the company’s plans in Austin and Berlin are a bigger problem. Said it would be. effect on income. more than previously anticipated.
Nathan also expects Tesla deliveries to drop to around 180,000 vehicles this year, meaning the company will deliver 1.2 million vehicles instead of the expected 1.4 million.
Wedbush analyst Daniel Ives recently warned that this week’s Twitter shareholder meeting will “no doubt start another fireworks” between Musk and the social networking board. This is likely to increase the “main advantage” as many Tesla investors fear the Twitter takeover could divert Musk’s attention away from the electric car maker. “Tesla investors are running out of patience,” Ives said.
“This [takeover] “The circus show has been a huge hit on Tesla’s stock and has so far been a disgrace to Musk,” Ives said. He added that “significant market pressure on tech stocks” continues to increase uncertainty.
Read more forbes here.
Source: Breitbart
