Shares of electric vehicle maker Tesla (TSLA) are near an 18-month low as investors continue
to sell the stock following chief executive officer (CEO) Elon Musk’s purchase of Twitter.
Tesla’s stock closed down 5% on Monday (November 7) at $197.08 U.S., its lowest level since
June 2021. The stock continues to be among the biggest contributors to the S&P 500 index’s
decline.
The selloff in Tesla stock has intensified since Musk completed his high-profile acquisition of
Twitter on October 27.
Since the Twitter deal closed, Tesla shares have fallen 12% compared to a 2% drop in the
technology heavy Nasdaq 100 index. Year-to-date Tesla stock is down 50%.
Analysts and investors have expressed concerns that Musk will become distracted running
Twitter going forward and that Tesla’s performance will suffer as a result.
At the same time, global demand for electric vehicles is slowing in an inflationary environment,
with supply-chain issues mounting and raw material costs elevated.
Tesla’s stock split on a 3-for-1 basis in August of this year.
Related Stories
