Tesla, Inc and Twitter, Inc stocks have responded wildly differently since April 4, when a SEC filing revealed Elon Musk had purchased a 9.1 percent stake in the social media company, which within just three weeks resulted in a pending acquisition.
Since the news of Musk’s stake in Twitter hit, Tesla has plunged about 19 percent whereas the micro-blogging app has soared almost 24 percent higher.
Tesla traders and investors may be concerned Musk will liquidate some of his personal stake in the EV company in order to fund his purchase of Twitter–an acquisition that will cost the world’s richest man $44 billion. The news has set Tesla into a heavy downtrend on both the daily and weekly charts, which looks set to send the stock lower still.
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