Tesla shares recorded the worst weekly performance since the beginning of the Corona pandemic, as it was affected by news related to the company and its CEO, Elon Musk, as The electric car company’s share ended Friday’s session down by 6.3% to $223.07, The stock’s market value fell below $700 billion at $698 billion.
Over the course of the week, the stock fell by about 16%, marking the worst weekly performance since March 2020.
Analysts questioned whether the company is now facing an erosion in demand, as it faces stiff competition from BYD, backed by billionaire Warren Buffett.
In addition, Musk’s crisis with Twitter witnessed new developments, starting with his disclosure of his desire to complete the purchase of the company according to the original agreement, ie, for $44 billion, or $54.20 per share.
A Delaware judge then agreed to stay Twitter’s lawsuit against Elon Musk until October 28 to allow the deal to go through.