Nasdaq 100-listed Tesla shares at 18-month lows

[MongiIG]

As Tesla founder, Elon Musk, spends more and more time away from his desk at the electric vehicle carmaker to try to find ways to make his purchase of Twitter work, the stock has fallen 21%.

 

 

 Jeremy Naylor | Writer, London | Publication date: Wednesday 09 November 2022 

News overnight that Musk has sold almost $4 billion in Tesla stock has seen shares climb a little, but the 18-month lows will be a worry to many.

 

Tesla shares have been suffering recently as a result of the news that CEO, Elon Musk, has bought Twitter, but a lot of time has now been spent by the Tesla founder away from the Tesla desk and what's going on at Twitter trying to make the Twitter business work.

Musk's attention has really been diverted onto this business, compounded by all this overnight. We've heard reports to suggest that Musk has decided to sell 19.5 million shares of his Tesla stock to help pay for the deal around Twitter. This amounts to just shy of $4 billion.

Tesla share price

Let's take a look at the Tesla share price, which you can see after having lost 21 and a quarter percent since the beginning of November, all sessions on the IG platform after this news broke overnight.

We have seen a little bit of a rise of 1.6%, but this is not before we saw an 18-month low for Tesla stock, the lowest trade we've seen since mid-May 2021.

Pressure continues at Tesla, and so long as Elon Musk is away from the desk, I suspect we could well get some sort of calls from some of the bigger investors in Tesla to suggest that Musk ought to return to normal listed business.

But at the moment, at least, his attention is very much being taken up by the problems at Twitter.