Tesla’s shares dropped 8.12% on Tuesday as Wall Street lowered its price estimates for the stock of the electric vehicle manufacturer. Analysts are concerned that Elon Musk, the CEO, is busy with his hostile takeover and micromanagement of Twitter and that China sales would suffer if COVID-19 is allowed to proliferate now that the Chinese government has reversed its stance on severe controls.
Tesla’s stock had hit a more than two-year low of $138 at the time this article was written. Investors are reportedly concerned that Musk would sell additional Tesla stock to fund Twitter and that his antics on the social media platform are tarnishing the company’s reputation as a manufacturer of electric vehicles. The sale of Musk’s shares last week for $3.5 billion was one of the many stock dumps the CEO has conducted this year.
