Tesla Inc TSLA shares are trading lower by 9.32% at $904.96. Weakness is possibly due to continued overall market weakness, concerns China's COVID outbreak could impact the company's China operations and concerns over the impact of CEO Elon Musk acquiring Twitter.
In a Monday press release, Musk said he wants to make Twitter "better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."... Read More
U.S. indices at large are also trading lower on continued weakness following comments from Federal Reserve Chair Powell suggesting a rate hike of 50 basis points is possible for May. The Fed has indicated it may move quicker on rate hikes to curb inflation.
Fed policy outlook, rising Treasury yields and quarterly earnings reports have dragged markets lower in April. Last Tuesday’s session saw a 3-year high of 2.940% for the 10-year note.
See Also: Analysis: Will Elon Musk's Twitter Kowtow To Chinese Communist Party Influence?
According to data from Benzinga Pro, Tesla is trading lower by 9.22% at $906.00. Tesla has a 52-week high of $1,243.49 and a 52-week low of $546.98.
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