On Wall Street, attention continues to remain on Tesla, in the aftermath of the sales that besieged the stock, causing it to slide to a new low in 52 weeks, around $128, down by as much as 8%. In the pre-market, the prices of the electric car giant (EV) rise by around 1%.
In the last few hours, the number one and founder of Tesla Elon Musk justified the decline in shares with concerns about the macroeconomic context that are penalizing the stock in general.
However, it must be said that while Musk seeks to exonerate the role of Twitter, of which he became owner and CEO with the completion of the acquisition of the social network in late October, some numbers are clear:
Since announcing plans to buy Twitter on April 22, Tesla stock has lost far more than the stocks of other big names in the auto industry.
To be precise, since April 22nd, Tesla has dropped 59%, compared to -26% for Ford and -12% for General Motors.
In the same period, the Wall Street benchmark index S&P 500 has lost ‘only’ 14%.
Twitter has often been described as a kind of new toy, which has distracted Elon Musk from managing the EV car giant. For its part, Tesla has often been labeled as Musk’s ATM to fund Twitter operations.
Just last week, TSLA prices effectively paid for yet another decision by Musk to sell off Tesla shares, to be precise 22 million shares, for a value of $3.6 billion, after having sold off 10.5 million all early November, shortly after the completion of the acquisition of Twitter.
Perhaps this was the straw that broke the camel’s back, unleashing the fury of the shareholders.
Yet Cathie Wood continues to support the quotations, confirming her contrarian nature.
Notably galaxy ETFs Ark Investment Management LLC have bought just over 445,000 TSLA shares since Oct. 3, when they began their latest round of purchases, according to Ark trading data compiled by Bloomberg.