Connect with us

Business

Tesla stock slumps, hits lowest levels since November 2020

News Agencies

Published

on

Tesla (TSLA) stock slipped on Friday, hitting lows not seen since November 2020 as continued weakness takes its toll on Tesla bulls.

Tesla closed down over 1.5%, dipping below $177 shortly after the opening bell. For the week, shares were down over 6.5% — and a steep 50% year to date.

Weakness in Tesla shares follows news this week that Elon Musk has identified someone as a potential successor for his role as CEO at Tesla. The revelation emerged during a trial over Musk’s $55 billion pay package awarded to him in 2018.

Last week more disclosures by Musk of additional Tesla share sales rattled investors, as Musk continued to raise funds for his purchase of Twitter, which is now seen by analysts at a best a distraction for Musk, and at worst a larger financial mistake.

News of Musk’s Tesla stock sale last week, now bringing his total shares sold since announcing the deal to buy Twitter to nearly $19 billion, had Wedbush analyst Dan Ives throw in the towel on the stock, removing it from the firm’s “Best Ideas” list, and cutting its target to $250 from $300.

Tesla’s stock performance has also been hit recently by factors like a potential slowdown in China, which Musk admitted may be in the middle of a slowdown, as well concerns over demand weakening in U.S., as well as larger macro concerns over the global economy. New competition from the likes of traditional automakers like Volkswagen, GM, and Ford threatens the strong EV lead Tesla has in the U.S. and Europe.

As for today, beyond fundamentals there is possibility of technical selling hitting shares as well. Barron’s reports technicians like John Roque of 22V Research are advising to “sell any rally to $200,” and Katie Stockton of Fairlead Research warns the stock needs to hit $207 “to avoid a confirmed breakdown that would put next support near $180.”

The deadline for Tesla to hit Stockton’s $207 mark was today, and shares of Tesla have already dipped below her $180 support level.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube

Continue Reading
Advertisement

Breaking News

Advertisement

Editor Pick’s

Latest Entertainment

Entertainment24 mins ago

Kirstie Alley’s ‘Cheers’ co-stars react to her death from colon cancer: ‘Heart of gold’

Kirstie Alley with her Cheers co-stars John Ratzenberger as Cliff Clavin, Kelsey Grammer as Dr. Frasier Crane, Rhea Perlman as...

Entertainment5 hours ago

So emotional: ‘The Voice’ Season 22’s top eight compete in Whitney-themed semifinals

‘The Voice’ Season 22 top eight contestants Omar Jose Cardona, Bodie, Bryce Leatherwood, Justin Aaron, Parijita Bastola, Kim Cruise, Brayden...

Hollywood Actress Ellie kemper Spotted in Anjali phougat Jewels by designer dream collection Hollywood Actress Ellie kemper Spotted in Anjali phougat Jewels by designer dream collection
Entertainment6 hours ago

Hollywood Actress Ellie kemper Spotted in Anjali phougat Jewels by designer dream collection

Anjali Phougat is an Ohio-based fashion designer, film fashion wardrobe stylist, entrepreneur, and founder of a luxury fashion brand called Designer...

Entertainment12 hours ago

John Travolta pays tribute to Kirstie Alley: ‘I know we will see each other again’

John Travolta and Kirstie Alley promote the 1989 movie “Look Who’s Talking.” (Photo: TriStar Pictures/Courtesy Everett Collection) The death of...

Entertainment14 hours ago

Kirstie Alley Dead: Star of ‘Cheers’ and ‘Drop Dead Gorgeous’ Dies at 71

CelebrityUS Magazine ‘General Hospital’ Star Jack Wagner’s Son Harrison’s Cause of Death Revealed Amid Scholarship Launch General Hospital star Jack Wagner’s son...

Entertainment14 hours ago

Kirstie Alley Dead: Star of Cheers Dies at 71 After Short Battle with Cancer

https://www.instagram.com/p/ClzqliopUks/?igshid=YWJhMjlhZTc%3D lley Verified • Liked by pradalover__ and others kirstiealley’s profile picture kirstiealley Verified To all our friends, far and...

Entertainment14 hours ago

Morgan Wallen Will Take 2023 ‘One Night at a Time’ on a Massive World Tour

morgan-wallen-tour.jpg 2022 iHeartRadio Music Festival – Night 1 – Show – Credit: Matt Winkelmeyer/Getty Images Morgan Wallen will be chasin’...

Entertainment15 hours ago

38 women accuse director James Toback in new lawsuit of prowling the streets of NYC to lure and sexually abuse, assault, or batter them

James Toback.Thomson Reuters James Toback “prowled” NYC to lure women using his status in the industry, a new lawsuit claims....

Latest Sports

Sports38 mins ago

Cristiano Ronaldo slapped down by Portugal coach for unacceptable reaction

Portugal manager Fernando Santos has strongly criticised Cristiano Ronaldo over his angry reaction after being substituted against South Korea and...

Sports1 hour ago

World Cup scores, highlights: Croatia tops Japan in PK shootout; Brazil steamrolls South Korea

Croatia's dramatic win over Japan early Monday results in a Friday date with Brazil after the Brazilians eliminated South Korea...

Sports1 hour ago

UConn’s fraught scoring struggles were exposed after Azzi Fudd’s injury

Not having her production to bail the Huskies out put a spotlight on what needs to be fixed, particularly if...

Sports2 hours ago

The most interesting thing about each of the NBA’s five worst teams

Even bad teams playing out the string feature some things worth keeping an eye on … and maybe even getting...

Sports2 hours ago

The Morning Pitt: Quarterbacks gone wild

If it seemed like there was a lot of quarterback activity for Pitt on Monday, it's because there was.

Sports3 hours ago

Here’s where the Bears stand in the 2023 NFL draft after Week 13

The Chicago Bears have the No. 2 overall pick in the NFL draft after losing to the Packers in Week...

Sports3 hours ago

UCLA women’s soccer rallies to beat North Carolina, win national title on wild last-second goal

UCLA rallied from a late 2-0 hole to beat North Carolina in double overtime on Monday night in the women's...

Sports4 hours ago

Bruins-Golden Knights takeaways: Vegas ends Boston’s home win streak

The Bruins' record home win streak ended Monday night against their former coach, Bruce Cassidy, in an emotional game at...

Technology Hot News

Is Elon Musk Really Going to Buy Twitter? Is Elon Musk Really Going to Buy Twitter?
Technology1 month ago

Is Elon Musk Really Going to Buy Twitter?

Elon Musk, the owner of the electric car company Tesla, CEO of SpaceX, and the richest man in the world,...

WhatsApp services were affected across Pakistan, restored after 2 hours WhatsApp services were affected across Pakistan, restored after 2 hours
Technology1 month ago

WhatsApp services were affected across Pakistan, restored after 2 hours

WhatsApp services were affected in various countries of the world, including Pakistan, and India due to this users were facing...

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies Bitcoin vs Litecoin: A guide to understanding cryptocurrencies
Technology2 months ago

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies

Cryptocurrencies currently occupy an odd place in society. They are no longer the super niche bizarre currency beloved by tech...

Personal data of people is selling on Google Play and Google Ads Personal data of people is selling on Google Play and Google Ads
Editor Picks3 months ago

Personal data of people are sold on Google Play and Google Ads

It’s been two to three years since Google has been unknowingly hosting multiple apps from malicious actors who sell personal...

Protonmail is down a second time in the past 24 hours Protonmail is down a second time in the past 24 hours
Technology5 months ago

Protonmail is down a second time in the past 24 hours

An end-to-end encrypted email service Protonmail is down a second time in the past 24 hours, netizens reported on social...

What's better for the student: a tablet or a laptop What's better for the student: a tablet or a laptop
Technology7 months ago

What’s better for the student: a tablet or a laptop

Some analysts argue that computers have outlived their usefulness. There is some truth in this: PC and laptop sales are...

Tesla founder Elon Musk holds the Twitter deal temporary Tesla founder Elon Musk holds the Twitter deal temporary
Technology7 months ago

Tesla founder Elon Musk holds the Twitter deal temporary

USA: Elon Musk, the founder of companies like Tesla and SpaceX, can actually buy anything in the world. Last month,...

How Zafar Supari is utilizing his ability on Snapchat? How Zafar Supari is utilizing his ability on Snapchat?
Technology7 months ago

How Zafar Supari is utilizing his ability on Snapchat?

Pakistan: Zafar Supari a public figure, businessman, and social media sensation has crossed one hundred thirty-three thousand 133k subscribers on...