The worst performance since the start of the “pandemic” .. Musk’s tweet drops 16% of “Tesla”

Dubai: Hisham Mukhanh

In the worst week for “Tesla” since March 2020, a new tweet from CEO Elon Musk that “7 very intense days already,” added insult to injury and plunged the company’s stock nearly 16%, to close at $ 223.07 yesterday, Friday.
The giant electric car maker, had recently disclosed the production and delivery figures for units of Gaft analysts’ expectations; In addition, Musk began a few days ago to stir up a political storm by expressing his opinion on ways to solve the Ukrainian war.
On top of that, public records reveal that Musk has told a Delaware court of his decision to go ahead with Twitter’s $44 billion acquisition, following trying to evade it for months.
Consequently, Musk may have to sell another stake in Tesla to fund the acquisition.
According to estimates compiled by Street Account from Factset, analysts expected Tesla to announce 364,660 cars for the period ending September 30, 2022, but the latter reported 343,000 electric cars delivered, and 365,000 production, despite From starting work on two new factories for the company in Brandenburg, Germany, and Austin, Texas.
Amid all this, analysts have questioned whether the company is now facing eroding demand in China, amid heated competition from BYD, backed by Warren Buffett.