Tesla ( TSLA ) stock jumped Thursday after CEO Elon Musk announced that there will be a new person on Twitter in the coming months. TSLA continued to move higher early Friday.
Musk wrote on Twitter Thursday afternoon that he has hired a new CEO of X Corp., formally known as Twitter, and that she will begin her duties in about six weeks. The Tesla boss did not mention who the new head of Twitter is.
Musk added that his role at Twitter will transition to being the company’s executive chairman and chief technology officer. He added that he will oversee products, software and system operators.
The Wall Street Journal reported Thursday night that Linda Yaccarino, NBCUniversal’s head of advertising, is in talks to become the new head of Twitter. Yaccarino played a key role in the launch of the Peacock streaming service.
Musk took over Twitter on October 28, buying the social media platform for $44 billion. The purchase was partially financed by Musk selling off some of his Tesla shares. This, along with his focus on Twitter, has worried some longtime Tesla stock bulls, believing that negative attention is weighing on Tesla stock.
Musk signaled that he will continue to be active on social media. He will also likely continue to tweet freely.
Futures: Market battle beyond Google; TSLA appears on Elon Musk News
Tesla shares rose 2.4% Friday in premarket trading. On Thursday, TSLA fell 2.1% to 172.08, with almost all of its gains coming in the final minutes after Musk’s tweet.
The electric car giant is up around 67% from a low in January, but has pulled back considerably since the end of March. Tesla stock remains below its 50-day and 200-day moving averages.
If shares continue to rise, it could potentially form a double bottom base with a buy point at 207.89. But which direction the share may go is still very uncertain.
Tesla ranks fourth in IBD’s industry group for car manufacturers. TSLA has a 59 Composite Rating out of 99. The stock also has a 20 Relative Strength Rating. The EPS rating is 93 out of 99.
Follow Kit Norton on Twitter @KitNorton for more coverage.
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