Friday, July 4, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Tesla stock had its worst week since Mar. 2020 amid wild week for Musk

by Euro Times
October 7, 2022
in Business
Reading Time: 4 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Michael Gonzalez | Getty Images News | Getty Images

Tesla shares dropped nearly 16% during what CEO Elon Musk called a “very intense 7 days indeed” to one of his 108 million followers on Twitter.

Tesla shares closed at $265.25 on Friday, Sept. 30. At market’s close one week later, Tesla shares were trading at $223.07, a decline of nearly 16%. It was the worst week for the stock since Mar. 2020, when the Covid-19 pandemic began to grip the U.S., shutting down businesses and public life.

Over the weekend, Tesla reported electric vehicle production and delivery numbers that did not meet analysts’ expectations.

On Monday, Musk proceeded to stir up a political firestorm by opining about how he thought Russia’s brutal invasion of Ukraine should be resolved.

After that, public records revealed that Musk had informed the Delaware Chancery Court that he would complete a $44 billion acquisition of Twitter in October, a deal he had been trying to evade for months.

Tesla deliveries and AI Day

According to estimates compiled by FactSet-owned Street Account, analysts had been expecting Tesla to report deliveries of 364,660 cars for the period ending September 30, 2022.

But last weekend, Tesla reported deliveries of 343,000 total, and production of 365,000 electric cars — despite having started production at two new factories in Brandenburg, Germany, and Austin, Texas.

Analysts wondered if Tesla now faces demand erosion in China, where it is facing the steepest competition from BYD, the Warren Buffet-backed lithium ion battery and electric vehicle maker.

Tesla also held an engineer recruiting event late on Friday last week in which it trotted out a rough, early prototype of a humanoid robot and talked about remaining challenges and progress in developing self-driving technology that can turn its cars into robotaxis with a software update.

The robot demo failed to impress industry insiders but its potential captivated some fans and bullish analysts.

Musk on Russia

On Monday, Musk posted a Twitter poll gauging support for what he claimed was a likely outcome of the seven-month conflict between Russia and Ukraine.

He suggested new UN-supervised votes in Ukraine on whether certain divisions of the democratic nation under siege should join Russia. He also suggested Ukraine should cede Crimea to Russia, and that the nation should then remain “neutral” rather than aligning with either NATO or Russia.

The Kremlin praised Musk, but he drew sharp criticism from many others including Ukraine President Zelenskyy, Ukraine ambassador to Germany Andrij Melnyk, South Carolina Senator Lindsay Graham and anti-Putin human rights activist and former chess champion Garry Kasparov.

Kasparov, who sought to block Putin’s rise to power and was jailed and beaten for his activism before fleeing the country, described Musk’s plan as a “repetition of Kremlin propaganda.”

Twitter deal back on

While Musk originally agreed to buy Twitter in April 2022, he spent months after that accusing the company of lying about its user metrics in financial filings, while fighting in court to get out of the deal he proposed.

Twitter had sued Musk to make sure the deal would go ahead as promised, seeing a windfall for its shareholders. Facing a deposition this week, and with a trial start-date looming, Musk sent a letter to Twitter and the court this week saying he would take the company private at $54.20 per share after all. He wanted Twitter, or the court, to stay the litigation, and a judge gave him until October 28th to wrap up the deal or proceed to trial.

The Tesla and SpaceX CEO may have to sell another chunk of his shares of Tesla to finance the Twitter acquisition. He will only be able to do so on or after Oct.19, when the electric vehicle maker reports its third-quarter earnings.

On the upside…

Despite his volatile week, Musk at least notched a historic professional achievement at his re-usable rocket venture, SpaceX. The company launched four people to the International Space Station from Cape Canaveral, Florida on Wednesday.

The mission is SpaceX’s fifth operational crew launch for NASA to date and the company’s eighth human spaceflight in just over two years. One of the people to fly with SpaceX on this latest mission is Russian cosmonaut Anna Kikina.

Musk also boasted about the start of production of the years-delayed Tesla Semi, a heavy-duty all-electric truck, and promised that the company would deliver some of the trucks to Pepsi by Dec. 1.





Source link

Tags: MarMuskStockTeslaweekWildWorst
Previous Post

Biden warns of the “prospect of Armageddon.” He’s not being alarmist.

Next Post

Dividend Kings In Focus: Stanley Black & Decker

Related Posts

RTX Stock Flies Past Targets: Why I’m Raising My Price Target (NYSE:RTX)

RTX Stock Flies Past Targets: Why I’m Raising My Price Target (NYSE:RTX)

by Dhierin Bechai
July 3, 2025
0

This text was written byObserveDhierin-Perkash Bechai is an aerospace, protection and airline analyst. Dhierin runs the investing group The Aerospace...

market analysis: India’s macro setup stable, but markets await earnings firepower: Hemang Jani

market analysis: India’s macro setup stable, but markets await earnings firepower: Hemang Jani

by Euro Times
July 3, 2025
0

"If I used to be to select one thing inside the new-age firms, I undoubtedly would go along with Swiggy...

Defence stocks in focus: HAL, BEL, and BDL see mixed trading amid India-US 10-Year strategic defence agreement reports

Defence stocks in focus: HAL, BEL, and BDL see mixed trading amid India-US 10-Year strategic defence agreement reports

by zee business
July 3, 2025
0

Shares of key Indian defence shares skilled combined buying and selling on Thursday amid constructive developments surrounding a brand new...

Lenders cannot levy pre-payment charges on floating rate loans, advances granted for business purpose to individuals, MSEs: RBI

Lenders cannot levy pre-payment charges on floating rate loans, advances granted for business purpose to individuals, MSEs: RBI

by Euro Times
July 2, 2025
0

FILE PHOTO: The Reserve Financial institution of India (RBI) emblem is pictured exterior its head workplace in Mumbai November 2,...

TikTok Cuts More Workers From US E-Commerce Division

TikTok Cuts More Workers From US E-Commerce Division

by Bloomberg News
July 3, 2025
0

TikTok is chopping extra staff from its US e-commerce division, TikTok Store, the third spherical of layoffs for that group...

Tesla shares jump 4% as investors discount EV maker’s lower than estimated Q2 deliveries

Tesla shares jump 4% as investors discount EV maker’s lower than estimated Q2 deliveries

by Shivendra Kumar
July 2, 2025
0

Tesla shares shot-up 4% within the opening commerce on Wednesday, hitting the day's excessive of $313 per share. The uptick...

Next Post
Dividend Kings In Focus: Stanley Black & Decker

Dividend Kings In Focus: Stanley Black & Decker

OPEC’s production cut sets -0 floor on crude oil prices (NYSEARCA:XLE)

OPEC's production cut sets $90-$100 floor on crude oil prices (NYSEARCA:XLE)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trump’s ‘big beautiful bill’ passes SALT deduction limit of ,000

Trump’s ‘big beautiful bill’ passes SALT deduction limit of $40,000

July 3, 2025
Democrats Vow To Tell Every Battleground Voter What Republicans Have Done To Them

Democrats Vow To Tell Every Battleground Voter What Republicans Have Done To Them

July 3, 2025
A Planet with a Death Wish: How HIP 67522 b Is Forcing Its Star to Explode

A Planet with a Death Wish: How HIP 67522 b Is Forcing Its Star to Explode

July 3, 2025
Chelsea vs Palmeiras: FIFA Club World Cup – teams, start time, lineup | Football News

Chelsea vs Palmeiras: FIFA Club World Cup – teams, start time, lineup | Football News

July 3, 2025
Dogecoin Could Detonate Shorty, Says Analyst—Here’s The Target

Dogecoin Could Detonate Shorty, Says Analyst—Here’s The Target

July 3, 2025
AEON Partners With Mesh to Unlock Crypto Payments From Major Exchanges and Wallets

AEON Partners With Mesh to Unlock Crypto Payments From Major Exchanges and Wallets

July 3, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Trump’s ‘big beautiful bill’ passes SALT deduction limit of $40,000

Democrats Vow To Tell Every Battleground Voter What Republicans Have Done To Them

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In