Tesla Inc. TSLA shares are on a downward spiral and the company’s market cap slipped below the $500-billion mark intraday in a volatile session on Tuesday.
Elon Musk Is Confident: Tesla CEO Elon Musk reposed confidence in his electric vehicle venture on Tuesday amid the stock slide.
While replying to a tweet by Tesla influencer “Whole Mars Catalog,” Musk said, “Tesla will be great long-term, but doesn’t control macroeconomic tides.”
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Musk’s statement is in line with another of his tweets earlier where he attributed the stock’s underperformance to difficult macro conditions, including the energy crisis in Europe, real estate overheating in China and Fed rate hikes in the U.S.
Analyst Begs To Differ: Future Fund’s Gary Black suggested that Musk seems to be shifting the blame for the fourth-quarter performance to the Fed and economic conditions.
What really ails Tesla has been mostly self-inflicted, Black said. He flagged Musk’s Twitter deal, lack of a sub-$30,000 compact car in China and lofty fourth-quarter production and delivery guidance as major factors hurting the EV maker.
Price Action: Tesla shares ended Tuesday’s session down 4.09%, at $160.95, according to Benzinga Pro data. The stock traded in a broad range of $156.91 to $175 during the session.
Photo: Courtesy of Wikimedia Commons
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Image and article originally from www.benzinga.com. Read the original article here.