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Tesla shares fall on worries, Elon Musk Twitter distraction




Musk had previously said in June that he was leaning against supporting DeSantis for president in 2024.

Joe Skipper | Reuters

Shares in an electric car manufacturer Tesla fell about 9.5% in mid-day trading on Thursday as analysts grow increasingly uncertain about the company’s outlook.

After hours Wednesday, Canaccord Genuity trimmed its price target for the automaker from $304 to $275, citing “cosmically bad” public sentiment and a “confused” shareholder base. “Elon Musk does Elon Musk things,” wrote Canaccord’s George Gianarikas. “Some of this is Twitter-related drama, a lot is not.”

Meanwhile, Tesla began offering $7,500 rebates on some of its high-priced electric vehicles in the United States on Thursday, doubling its previous incentives, in an effort to encourage customers to take delivery. It also offers credits in Canada and Mexico. Tesla cut the price of cars in China in October.

The price drop on Tesla’s Model 3 sedan and Model Y CUV, which are the company’s most popular and affordable offerings, is seen as a sign of weakened demand.

The company has also tried to boost sales and deliveries with an offer of 10,000 miles of free charging at its Superchargers for customers who take delivery of their new Teslas in December.

Buyers of Teslas, and other electric vehicles made in the United States, are likely to qualify for a $7,500 incentive starting in January that stems from Biden’s inflation reduction bill. Many potential Tesla owners had postponed taking delivery of their new cars from the company until the credits take effect.

CEO Elon Musk’s performance as the new owner and CEO of Twitter has also caused serious concern for longtime Tesla bulls who are calling on the company’s board to rein him in and make him focus on the electric car and renewable energy company.

Musk took Twitter private in a $44 billion deal that closed in late October, and sold about $23 billion in Tesla stock to finance the deal. He has since acknowledged an “obvious” overpayment.

Shares in Tesla are down more than 64% so far this year.

Tesla shares fall on worries, Elon Musk Twitter distraction

This is developing news. Check back for updates.



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