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Tesla shares continued to lose ground on Tuesday and, if anything, the ongoing downturn seemed to accelerate as the stock suffered one of its worst days in some time, closing down $12.07, or 8.05%, to $137.80.
That’s off sharply from the company’s 52-week high of $402.67, and compares with the $196.23 it reached Dec. 1. But two other statistics are worth noting: Shares traded under the Nasdaq ticker TSLA have fallen 57.9% since April 14, the day CEO Elon Musk went public with his $44 billion bid for Twitter. It’s down 36.3% since the acquisition of the social media site was completed Oct. 28.
Exactly what’s behind the plunge after years of market-leading gains is a matter of much debate, though critics have been pointing fingers at Musk himself as one of the key culprits. What’s clear is that even positive news in the EV market — the Biden administration’s decision to delay new rules on EV incentives — did nothing to help Tesla Tuesday. On the other hand, there were clear signs that new controversies surrounding the South African-born executive continue to worry analysts and investors alike.
For one thing, Musk appeared to sending signals he might not abide by the results of a Twitter user poll which asked whether he should step down as the social media service’s CEO. He originally said he would do so, whatever the results — which turned out to have 57.5% of respondents saying he needed to resign. Meanwhile, the executive seemed to be entering yet another high-profile fight, this time with Senator Elizabeth Warren. She recently wrote to the Tesla Board of Directors questioning whether there were legal issues involving the Twitter takeover involving a possible conflict of interest or misappropriation of funds.
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