Tesla Shares Fall to 2-Year Low
December 14 2022 - 12:19PM
Dow Jones News
By Dean Seal
Shares of Tesla Inc. slipped 3.1% to a two-year low of $155.88
on Wednesday, extending a selloff that kicked up this week over
Chief Executive Elon Musk's online antics and involvement with
Twitter Inc.
The world's largest carmaker by market value saw its shares drop
6% on Monday following a weekend in which Mr. Musk attacked
Twitter's former head of trust and safety online and called for the
prosecution of U.S. government medical adviser Anthony Fauci in a
tweet that also mocked people who use preferred or non-standard
pronouns.
After Monday's selloff, Tesla backers voiced frustrations online
about Mr. Musk giving more attention to running Twitter than Tesla,
and stirring up controversy that hurts the electric-car company's
brand.
Shares fell another 4% on Tuesday to close at $160.95. Before
the market closed, Mr. Musk said in a tweet that Tesla shareholders
would "benefit from Twitter long-term," though he didn't provide
further details.
The selloff continued on Wednesday morning after Goldman Sachs
analysts cut their price target for Tesla stock to $235 from $305,
saying in a research note that global supply and demand appear to
be softening for the carmaker.
Shares hit a low of $155.88 at around 11 a.m. ET before
recovering slightly, though they are still trading at the lowest
levels seen since Nov. 18, 2020.
Tesla shares are down more than 54% this year, putting the
company on pace for its worst year on record.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 14, 2022 13:04 ET (18:04 GMT)
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