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Tesla Shares fell about 16% during what CEO Elon Musk said.very intense 7 days indeed“To one of his 108 million followers on Twitter.
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Tesla shares closed at $265.25 on Friday, Sept. 30. A week after the market close, Tesla shares were trading down nearly 16% at $223.07. It was the worst week for stocks since March 2020, when the COVID-19 pandemic began to grip the US, shutting down businesses and public life.
Over the weekend, Tesla reported electric vehicle production and distribution numbers that did not meet analysts’ expectations.
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On Monday, Musk ignited political fire over how he thought Russia’s brutal invasion of Ukraine should be resolved.
After that, public records showed that Musk had informed the Delaware Chancery Court that he would complete the $44 billion acquisition. Twitter In October, a deal he had been trying to avoid for months.
Tesla Delivery and AI Day
Analysts expected Tesla to report deliveries of 364,660 cars for the period ending September 30, 2022, according to estimates compiled by FactSet-owned Street Account.
But last weekend, Tesla reported a total of 343,000 deliveries and 365,000 electric cars produced, despite starting production at two new factories in Brandenburg, Germany and Austin, Texas.
Analysts wondered whether Tesla is now facing a slump in demand in China, where it faces stiffest competition from Warren Buffett-backed lithium-ion battery and electric vehicle maker BYD.
Tesla also held an engineer recruitment event late Friday last week in which it unearthed an early prototype of a humanoid robot and talked about the remaining challenges and progress in developing the self-driving technology, which will be available through a software update. With this you can turn your cars into robotaxis. ,
The robot demo failed to impress industry insiders but its potential attracted some fans and enthusiastic analysts.
Musk on Russia
Posted by Musk on Monday twitter poll Predicting support for what he claimed was a possible outcome of a seven-month conflict between Russia and Ukraine.
He suggested new votes in Ukraine under the supervision of the United Nations on whether some divisions of the democratic nation under siege should join Russia. He also suggested that Ukraine should hand over Crimea to Russia, and that the nation should remain “neutral” rather than aligning with NATO or Russia.
Kremlin Musk praisedBut he sharply criticized Ukraine’s President Zelensky, Ukraine’s ambassador to Germany Andries Melnik, a South Carolina senator, among many others. Lindsey Graham and anti-Putin human rights activist and former chess champion Gary Kasparovi,
Kasparov, who sought to halt Putin’s rise to power and was jailed and beaten for his activism before fleeing the country, described Musk’s plan as a “repetition of Kremlin propaganda”.
Twitter deal back on
While Musk originally agreed to buy Twitter in April 2022, he accused the company of lying about its user metrics in financial filings in the months that followed, while he battled in court to get out of the proposed deal. fought.
Twitter sued Musk to ensure that the deal would proceed as promised, a windfall benefit for its shareholders. Facing a statement this week, and with a trial starting date, Musk sent a letter to Twitter and the court this week saying he would take the company private at $54.20 per share. He wanted Twitter, or the court, to stay the trial, and a judge gave him until October 28 to either end the deal or proceed to trial.
Tesla and SpaceX CEOs may have to sell another portion of their Tesla shares to finance the Twitter acquisition. It will be able to do so only on or after October 19, when the electric vehicle maker reports its third quarter earnings.
on the upside…
Despite his shaky week, Musk at least achieved a historic commercial feat in his reusable rocket venture, SpaceX. The company on Wednesday sent four people to the International Space Station from Cape Canaveral, Florida.
The mission is SpaceX’s fifth operational crew launch for NASA so far and the company’s eighth manned spaceflight in just two years. Russian astronaut Anna Kikina is one of the people who flew with SpaceX on this latest mission.
Musk also claims production starts delayed by years Tesla Semia heavy-duty all-electric truck, and promised that the company would deliver some trucks to Pepsi by December 1.
