Tesla Inc. TSLA shares are volatile on Tuesday as investors continue to weigh the potential impact of CEO Elon Musk’s Twitter acquisition.
What To Know: Tesla stock has been facing selling pressure as investors worry that Musk’s increased focus on the social media platform could take away from time spent on Tesla.
Musk previously said his role at the helm of Twitter would be temporary, but he tweeted over the weekend that “no one wants the job who can actually keep Twitter alive,” and said “there is no successor.”
According to a new CNBC report, Musk is actively searching for a new CEO for Twitter. The report indicates that the search has been ongoing.
Well-known Bitcoin BTC/USD critic and gold bull Peter Schiff isn’t buying the idea that Twitter is responsible for the sharp declines in Tesla shares this year. He argued that Tesla and the entire electric vehicle sector has been overpriced for a long time.
Check This Out: Gold Bull Peter Schiff Says Don’t Bash Elon Musk: This, Not Twitter, Is The Real Reason For Tesla Stock’s Plunge
What Else: Several analysts also cut price targets on Tesla shares Tuesday morning.
- Mizuho analyst Vijay Rakesh maintained Tesla with a Buy and lowered the price target from $330 to $285.
- Daiwa Capital analyst Jairam Nathan maintained Tesla with an Outperform and lowered the price target from $240 to $177.
- Evercore ISI Group analyst Chris McNally maintained Tesla with an In-Line and lowered the price target from $300 to $200.
TSLA Price Action: Tesla has a 52-week high of $402.67 and a 52-week low of $144.17.
The stock was down 2.57% at $146.16 at time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.