Elon Musk’s acquisition of Twitter sent Tesla’s stock price on a roller coaster this year as its value correlated — largely negatively — with each development at the social media company. But SpaceX’s support from investors seems immune to the drama.
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Back in April, when Musk first announced his intention to acquire Twitter, it was just weeks after Tesla stock hit its 2022 price peak, $381.82 on April 4, according to Yahoo Finance data. Since then, it has declined fairly consistently — other than the few bursts when it looked like the Twitter transaction might not go through after all or that Musk was stepping down as Twitter CEO — and opened today at $139.34 a share, a 63.5% haircut from this year’s high.
The chatter around Tesla stock has been getting louder lately, too, as Wall Street analysts wrote down the investment amid predictions that Musk will sell more Tesla shares to keep Twitter afloat, making them less confident it is a good buy.
While all this drama continues to unfold, SpaceX, one of Musk’s other companies, not only seems shielded from the Twitter noise but largely undeterred.
Source @TechCrunch
