Investors said Musk saved $156 million by not disclosing that he had bought more than 5% of Twitter before March 14. He continued to buy shares after that, eventually revealing in early April that he owned 9.2% of the company.
“By delaying the disclosure of his Twitter holding, Musk manipulated the market and bought Twitter shares at an artificially low price,” the investors said.
Meanwhile, Tesla shares hit an 11-month low after a note from analysts marked their concern about the performance of Elon Musk’s companies after the stock market events of recent weeks.
In this sense, the papers of the automaker fell 7% to reach US$ 628, 49% less than its historical maximum marked during the month of November. This caused the company lost more than $30 billion of its market capitalizationfalling to as low as $650 billion from a peak of more than $1.2 trillion.
Yesterday’s trading performance prompted Daiwa analyst Jairam Nathan to lower his price target for Tesla shares to $800 from $1,150, informing his clients that the company also has a defectin your production chain product of the closures given by the covid-zero policy imposed by the Chinese regime in Shanghai, the city where its so-called Gigafactory operates.
The cutting supply chains around the world, part of the current international trade crisis, also affect its plants located in Austin and Berlin, so profits could be cut deeper than previously expected, according to the Forbes site.
In this regard, Nathan anticipates that the headwind will cause deliveries this year are reduced by 180,000 vehicleswhich means that Tesla will deliver 1.2 million vehicles this year, compared to 1.4 million units previously expected, the financial medium indicated.
The expectations generated by the performance of the shares of this company are no longer the same as at the end of last year: “Tesla investors’ patience is wearing thin”said another of the analysts, referring to the media raid that Musk starred in after the attempted takeover of Twitter.
“This circus sideshow has been a huge overweight for Tesla stock and has been a black eye for Musk so far,” he said.
“As long as the Twitter deal is there, and as long as Tesla stock is falling, people worry that Musk will have to sell more shares and get distracted and not pay as much attention to Tesla as he shouldGary Black, founder and managing partner of the ETF Future Fund investment fund, told the agency.
Although his actions have suffered, Tesla reported last month its most profitable quarter in company history, posting $3.3 billion in revenue in the first quarter, fueled by record deliveries, Forbes recalled. Even today, he showed signs of recovery between 5% and 6%figures that fail to recover the ground lost yesterday, but that show an improvement from the minimum floor in 11 months.
The millionaire losses of the last months
One of the last episodes starring the executive director of Tesla Y SpaceXwas the resolution of a lawsuit against him for sexual misconduct made by a stewardess of his aerospace company, which he settled by paying a sum of US $ 250,000.
The tycoon lost US $ 10,600 million since that event was announced. Even the Bloomberg Billionaires Index, headed by Musk, indicates that on May 19 the tycoon’s fortune was estimated at US $ 212,000 million but his assets fell to 201,000 million the day after the news of the accusation was known.
This latest decline adds to Musk’s prolonged decline in wealth since the start of this year, period in which he lost more than 69,000 million dollarsaccording to Bloomberg estimates.
The businessman’s losses are also reflected in the fall in Tesla shares as the shares of the electric car manufacturer depreciated more than 33% over the last monthaccording to public data.
The Chronicler- RIPE
