Shares Of Elon Musk's Tesla Have Already Tanked 28% Since Twitter Takeover Announcement
Shares of Elon Musk's Tesla have already tanked 28% since the $44 billion twitter takeover deal was done on April 25th 2022.
It's been a rollercoaster ride for Twitter ever since Elon Musk began taking steps to take over the microblogging and social networking website.
From its shares witnessing their biggest single-day spike since 2013's IPO on the day Elon Musk acquired a 9.2% stake in Twitter, to slipping around 5% yesterday after Musk threatened to cancel a deal over the fake accounts issue, the road's not been easy.
But CEO Musk's company Tesla isn't spared too! It's been even tougher for Tesla, whose shares have taken a more than 28% hit in the past two months or so.
cnbc/getty
A lot has been happening over the proposed takeover of Twitter by Elon Musk. The world¡¯s richest person has not shied away from being vocal about the doubts he has regarding how the deal is not progressing smoothly, with one hurdle after another besides legal issues.
Even outside this Twitter deal¡¯s scenario, Musk has been making a lot of noise around Tesla. From asking employees to work from the office or quit, to announcing the possibility of 10% layoffs recently, Musk¡¯s comments have been hitting the EV maker¡¯s shares quite hard.
Last Friday, Tesla shares had reportedly closed more than 9% down amid the 10% salary cut news.
If we take into consideration the performance since the $44 billion twitter takeover on April 25th 2022, Tesla shares have tanked 28.39% since then (calculated till yesterday's closing price, i.e 6th June 2022). For the same period, Twitter shares have slipped over 23%.
The shares sat at $998.02 on April 25th (NASDAQ), then the very next day after the announcement, they slid to $876.42 on 26th April, and further kept slipping, reaching $734 on 11th May and $628.16 on 24th May 2022. Yesterday, Tesla shares closed at $714.84.
shutterstock
Last month, Billionaire Leo Koguan, who claims to be the third-largest individual shareholder of Tesla stock, had even called on the EV carmaker to announce a $15 billion stock buyback as the company¡¯s share price continues to fall, as per a CNBC report.
For interesting and latest financial news, keep reading Indiatimes Worth. Click here.
