Elon Musk lost $70 billion due to the social network Twitter

On November 8, 2022, Tesla shares fell over 6% to $191 per share. Thus, the cost of Tesla’s papers reached a minimum over the past 17 months. Why does Tesla stock keep falling? Investors fear that Elon Musk will focus on the development of the social network Twitter, forgetting about the development of Tesla electric vehicles. Because of this, investors began to get rid of the shares of the electric car manufacturer after the social network Twitter was headed by Elon Musk.

Tesla shares are the main share of the billionaire’s fortune. Investors believe that Elon Musk spends too much effort and money on the development of large projects, forgetting about Tesla. Most investors want Musk to focus on the development of Tesla, as it is now going through difficult times. This is due to the fact that the demand for Tesla electric vehicles is starting to fall amid rising inflation and problems with the supply of components. At the same time, the cost of raw materials now remains at a high level. All this has a negative impact on the development of electric vehicles.

It also became known that Elon Musk once again sold a large stake in Tesla for a total of almost $ 4 billion, according to The Wall Street Journal.

It should be noted that this is not the first time in 2022 that Tesla shares have fallen. However, the last drop in securities is due to the deal on the purchase of Twitter by Elon Musk. The deal to buy Twitter was completed on October 27th. From October 27 to November 8, Tesla shares fell more than 12%, while the S&P 500 stock index remained practically unchanged during this period, and the Nasdaq 100 index fell by 1.9%.