Top Line

Shares of Tesla, one of last year’s best-performing stocks, continued to suffer massive losses on Tuesday after Chief Executive Elon Musk raised concerns over the weekend that he would sell his 10% stake in the electric carmaker But raising doubts. Long-term viability of the stock’s meteoric gains.

important facts

- Advertisement -

After falling nearly 5% on Monday, Tesla shares fell another 12% on Tuesday, bringing down the firm’s market capitalization by nearly $140 billion and the stock’s price since falling 21% on September 8, 2020. The worst one-day fall was marked.

Fueling worries on Tuesday, hedge fund investor Michael Burry, who famous prophecy the housing bubble that led to the Great Recession, emerged A Twitter hiatus led Musk to say “need to sell” he used Tesla shares as collateral to help with a personal service loan.

Although Musk remains the world’s richest man, his fortune fell by about $33 billion on Tuesday, falling to $271 billion and a two-day loss of nearly $50 billion.

Musk on Saturday, triggering a two-day stock decline Called To help Twitter users decide whether they should sell 10% of their nearly 23% stake in Tesla in response to a short-term proposal in Congress to help avoid taxes on billionaires’ unrealized stock gains Would have helped to avoid tax.

Despite the sell-off, analysts at both Wedbush and Jefferies raised their Tesla price targets to $1,800 and $1,400 respectively on Monday, with Wedbush’s Dan Ives saying the stock could rise as much as 65% in the next year, a better-than-expected profit. Thanks to the margin disclosed in the third quarter.

But other analysts aren’t so sure: According to Businesshala, Tesla stock has an average price target of $810, based on 35 firms out of 35, which is about 25 percent of its current prices of about $1,020, according to Businesshala. % represents bottom.


- Advertisement -