Categories: Business

Tesla stock’s very bad week gets worse after the allegations against Musk

[ad_1]

Tesla Inc. shares were poised to close at their lowest since late July, falling more than 8% in midday trading Friday following the allegations of sexual misconduct lobbed against Chief Executive Elon Musk.

Tesla
TSLA,
-9.36%

stock is down for three straight sessions, with losses of more than 12% over that period, and is looking at weekly losses of more than 17%.

Musk has called the allegations “wild accusations” and “utterly untrue.” Business Insider reported late Thursday that SpaceX paid a flight attendant $250,000 in 2018 to settle sexual-misconduct claims against Musk.

That’s the latest news to rock Tesla’s stock, which also seem to bob up and down in connection with Musk’s plan to buy Twitter Inc.
TWTR,
-0.64%

The EV maker has lost some $342 billion in market capitalization since Musk disclosed his intention to buy the social-media company in mid April.

When Musk tweeted last Friday that the deal for Twitter was “temporarily on hold,” the stock shot up 5%. He later tweeted that he was still committed to the $44 billion deal.

To clinch it, Musk has pieced together about $25.5 billion in debt commitments from Morgan Stanley and other financial institutions, and also some $21 billion in equity commitments, including pledges against his Tesla stake.

Tesla shares have lost 39% this year, compared with losses of about 20% for the S&P 500 index
SPX,
-1.85%

in the same period.

[ad_2]
Source link
Admin

Recent Posts

Practical Tips for Carpet Cleaning on a Budget

Have you ever looked down at your carpet and wondered if there’s a budget-friendly way…

2 weeks ago

The Best CSGO Case to Open in 2025: Top Picks for CS2 Skins

Counter-Strike 2 (CS2) has elevated the thrill of case openings, captivating both seasoned CS:GO veterans…

2 weeks ago

The Most Common Deal Breakers That Make Buyers Walk Away When I Sell My Car Online in Little Rock, AR

Trying to sell a car online should be simple, but sometimes buyers lose interest fast.…

3 weeks ago

Why Free Spider Solitaire is the Perfect Game for Quiet Evenings

In the hustle and bustle of modern life, finding moments of quiet solace can feel…

1 month ago

Syracuse Guide To Socializating Your Dog

You have probably heard on the importance of socializing dog after getting a puppy. It…

1 month ago

2025 Vision: How Automation is Reshaping the Mortgage Landscape

The mortgage industry is undergoing a significant transformation, driven by the rise of automation and…

1 month ago