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Tesla stock slides on demand concerns, Elon Musk Twitter distraction


Earlier, in June, Musk had said he was leaning towards backing DeSantis for president in 2024.

Captain Joe | Reuters

Shares in electric vehicle manufacturer Tesla fell about 9% in midday trading Thursday as analysts became increasingly uncertain about the company’s outlook.

After Wednesday’s bell, Canaccord Genuity cut its price target for the automaker from $304 to $275, citing “overall bad” public sentiment and shareholder base. distraught”. “Elon Musk is doing the things of Elon Musk,” wrote George Gianarikas of Canaccord. “Some of these are Twitter-related drama, most are not.”

Meanwhile, Tesla began offering $7,500 discounts on some of its high-priced electric vehicles in the US on Thursday, doubling previous offers aimed at encouraging customers to pick up the goods. It also offers credits in Canada and Mexico. Tesla car discount in china in October.

The price cuts for Tesla’s Model 3 sedan and Model Y crossover are seen as a sign of waning demand.

The company has also been trying to boost sales and deliveries with an offer of 10,000 free charging miles at its Superchargers for customers who pick up their new Tesla vehicles in December.

Buyers of Tesla and other electric vehicles made in the US, may be eligible to receive Offer $7,500 starting January 1 stemming from the Biden Inflation Reduction Act. Many potential Tesla owners have delayed receiving their new cars from the company until the credits go into effect.

CEO Elon Musk’s performance as new owner and CEO of Twitter also raises serious concerns in the long run Tesla bulls are calling on the company’s Board of Directors to restrain him and get him to focus on the electric car company and renewable energy.

Musk bought Twitter privately in a $44 billion deal that ended in late October, selling off about $23 billion in Tesla stock to fund the deal. Since then, he has admitted to an “apparent” overpayment.

Shares of Tesla are down more than 64% year-to-date.

The best the media can do right now is deprive Musk of attention, says McNamee of Elevation Partners

This is developing news. Check back for updates.

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