Tesla stock price: Tesla stock down 31% since Elon Musk announced he was buying Twitter
What annoys investors so much? Musk’s involvement with Twitter is another distraction for Tesla, especially as the electric vehicle market becomes more competitive. Investors are wondering if Musk will use his Tesla share to help fund the planned $44 billion acquisition.
Twitter’s stock fell 3.7% to $47.96. That’s a far cry from Musk’s $54.20 offer, indicating investors aren’t sure the merger will go through.
Musk recently completed an $8 billion Tesla stock sale, believed to be tied to the Twitter transaction. Additionally, Tesla said in June 2021 that about half of Musk’s equity in the company serves as collateral for personal loans.
Broader technology fusion: Investors sold shares of global tech companies on Monday, sending the Nasdaq more than 4% tumbling as they worried about weaker growth, higher inflation and rising interest rates. interest.
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Since the Federal Reserve raised interest rates by half a percentage point last week, the tech-focused benchmark has fallen 10%, with Fed Chairman Jerome Powell signaling that the United States will continue to raise rates.
Microsoft’s market capitalization is now below $2 trillion as of Monday, for the first time since June 2021, with the stock down 21% this year. Amazon’s stock has fallen more than 40% since its 2021 peak.
After falling 3.3% on Monday, Apple was nearly eclipsed as the world’s largest company by market capitalization by Saudi Aramco. After falling 14% this year, the iPhone maker ended the day with a market capitalization of $2.4 trillion.
Airbnb fell 12%, while ride-sharing company Uber fell 11.6%. Uber CEO Dara Khosrowshahi said in a memo to staff that the ride-sharing company would cut costs and focus on becoming a leaner business.