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Tesla shares fell to an 11-month low on Tuesday as electric-vehicle maker and high-profile chief Elon Musk braced for a flurry of concerns, even as one of the firm’s most staunch bulls. doubled as massive investment.

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Tesla’s stock fell 6% to $631, pushing the stock down more than 48% from its all-time high in November and wiping away more than $30 billion from Tesla’s market capitalization, a peak of more than $1.2 billion. has fallen to $660 billion. Trillion.

Signaling a sharp drop, Daiwa analyst Jayaram Nathan on Tuesday morning lowered his price target for Tesla shares from $1,150 to $800 — telling customers the Covid lockdown in Shanghai, where the electric-vehicle maker is taking its so-called Gigafactory operations, as well as supply issues. Its Austin and Berlin plants will cut earnings more than previously expected.

Nathan estimates the headwind will reduce deliveries of 180,000 vehicles this year, meaning Tesla will deliver 1.2 million vehicles this year, as opposed to the 1.4 million units previously expected.

The note comes a day after Wedbush analyst Dan Ives warned that there will “definitely be some more fireworks” between Musk and the social media firm’s board at Twitter’s shareholder meeting this week, adding a “major overhang”. Because investors are concerned that the proposed acquisition may divert them. Attention from Tesla.

“Tesla investor patience is wearing very thin,” Ives said of the back-and-forth result, with Musk suggesting he will reduce his offer due to concerns about bots on Twitter, while the company’s board They say This deal will not change.

Despite the downturn, Arc Invest, a New York City investment firm run by famed stock-picker Kathy Wood, revealed it bought $10 million in Tesla shares on Tuesday—the first time since February in less than a week of the stock added to its share. Lost Its top spot in Ark’s flagship fund for streaming giant Roku.