As Elon Musk’s deal to buy Twitter rumbles on, another of his companies has become a “victim. Tesla shares have plunged more than 35 percent since Elon Musk first announced he was buying Twitter. The Nasdaq Composite Index has fallen about 18% over the same period.
On April 25, 2022, Elon Musk first announced that he had agreed to buy Twitter. On that day, Tesla closed at $332.67. As a result, by the close of trading on Friday, a full week after Elon Musk became the new owner of Twitter, Tesla shares were down 3.6 percent to close at $207.47, down 38 percent from $332.67, and its market value had shrunk by about $400 billion (about 2.9 trillion yuan).
Tesla shares have fallen 38%
By comparison, other automakers have seen their share prices fall much less over the same period. For example, shares of General Motors and Ford fell by about 2% and 11%, respectively. Shares of electric vehicle upstart Rivian fell just over 5%.
