Tesla stock drops to 2-year low as Musk manages Twitter chaos

Yahoo Finance Live weighs in on Tesla shares as the EV developer is residually impacted by CEO Elon Musk’s new task of managing Twitter.

Video Transcript

JARED BLIKRE: Let me just move on here. No easy way to segue to my play, which is a perennial Yahoo Finance top trending ticker, Tesla, number one on today’s list. And guess what? Despite no big news at the EV automaker, other than the stock price sinking to a near two-year low, TSLA is down over 8% this week. A tough one for EV stocks, looking at the YFi Interactive. As we can see here, that is a five-day look. Now Tesla itself has been cut in half this year as growth stocks got hammered and Musk reportedly sold Tesla stock to fund his Twitter purchase.

Speaking on Twitter, that is the number two Yahoo Finance trending ticker– notable because it’s been delisted for three weeks. Anyway, I just wanted people to know that because the people have spoken. They have said more Musk, please. There you go.

RACHELLE AKUFFO: It’s true. It’s true. They’re still looking for it on the website. So just a reminder, Twitter has gone private, but people still looking for it. And in terms of what we’re seeing with the Tesla share price going down, we know that Tesla also recently recalled 30,000 Model X cars as well.

And so we have some things playing in here. A lot of people wondering with this so much focus on Twitter, you know, Elon Musk already saying, look, he’s taken on a lot of work at the moment, still trying to find a CEO for Twitter so that perhaps he could look more at his core businesses, looking at things like SpaceX and looking at Tesla as well. Shareholders don’t like all this distraction, I think, Seana.

SEANA SMITH: Yeah, they certainly don’t. We’ve seen some people like Dan Ives, for example, who has been very, very bullish on Tesla for some time, calling out some of the concerns that he has because of the sideshow that Twitter is certainly posing to Musk right now. I don’t think it’s a big surprise that we’re seeing the reaction in Tesla stock.

I think the question, though, now– Jared, you’re the best person to ask, so– is how much further it could fall if we do continue to see these complicating headlines come out from Twitter. A lot of concern there about how much time Musk is spending at Twitter versus Tesla. So certainly we have seen that reflected in the stock price recently.

JARED BLIKRE: Yes, you’ve got to wonder, what is the equivalent of the assembly line at Twitter. Is it the 10th floor? I don’t know. It’s going to be an interesting weekend.

SEANA SMITH: It certainly seems like it, at least today.

JARED BLIKRE: Yes, yes. I believe so.

RACHELLE AKUFFO: Well, he’s certainly a tough boss to work for. And as we see, a lot of people were not here for it. They’ve already left Twitter.

Simonne Stigall

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