Tesla's Stock Price Drops by Over 20% Since Elon Musk's Twitter Takeover

Strategic Insights -

Since Elon Musk took over Twitter in late October, Tesla's stock price has declined by more than 20%, with shares closing at $160.95 on Tuesday, down 4.09% for the day. This decline has been sharper than that of other major automakers, such as Ford and Volkswagen, which have seen a slight rise in their share prices since Musk's takeover. Meanwhile, Rivian, a U.S.-based electric truck maker, has also seen its share prices falling by 27% over the nearly two-month period.

Key Takeaways:

  • Tesla's stock price has dropped by over 20% since Elon Musk took over Twitter, with shares closing at $160.95 on Tuesday, down 4.09% for the day.
  • The decline in Tesla's stock price is sharper than that of other major automakers, such as Ford and Volkswagen, which have seen a slight rise in their share prices since Musk's takeover.
  • Rivian, a U.S.-based electric truck maker, has also seen its share prices falling by 27% over the nearly two-month period.
  • Elon Musk has made significant changes to Twitter since taking over, including firing several key executives and laying off at least half of its 7,500-strong workforce.
  • Twitter has also refused to pay a $197,000 bill for private charter flights made the week of Musk's takeover, according to a lawsuit filed in New Hampshire District Court.
  • Musk has reinstated the accounts of several high-profile users, including former President Donald Trump, rapper Ye, far-right troll Baked Alaska, and Rep. Marjorie Taylor Greene, R-Ga.

Statistics:

  • Tesla's stock price has fallen by 28% since Oct. 27, from around $228.
  • Rivian's share prices have fallen by 27% over the nearly two-month period.
  • Twitter has laid off at least half of its 7,500-strong workforce since Elon Musk's takeover.
  • Musk has reversed some of Twitter's previous suspensions and reinstated the accounts of 4 high-profile users, including former President Donald Trump.
  • Twitter has refused to pay a $197,000 bill for private charter flights made the week of Musk's takeover.

Sources:

  • CNBC: "Tesla stock price drops 4.09% as broader markets struggle"
  • The New York Times: "Twitter Refuses to Pay Bill for Charter Flights After Elon Musk Takeover"
  • Yahoo Finance: "Tesla Shares Plummet as Elon Musk Takes Over Twitter"
  • Twitter posts by Elon Musk, Leo Koguan, and Marjorie Taylor Greene