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- Tesla CEO Elon Musk has recently sold about 22 Million shares which was worth around $3.6 Billion as per the filling.
- TSLA stock price has shredded approximately 50% of its value within a few months. It is currently trading near $150
The impact of Elon musk buying twitter has been worse for the Tesla investors.In April Elon said that he has no further plans to sell TSLA. As per the recent fillings he has sold approximately $23 Billion. In a recent tweet Elon promised that Tesla will be benefited from Twitter in a long term but the skepticism are growing among investors. Tesla vehicle sales are in a continuous decline due to covid and recession. Tesla stock price has seen a drop of more than 31% since Elon acquired Twitter. Meanwhile Tesla is facing a strong competition as a large number of competitors are arising in the market.Venture capitalist Bradley tusk has recently said that “Tesla’s share price is based on hype and the pixie dust that Elon Musk is so good at putting out there”.
Tesla has a market cap of $474.3 Billion and has a PE of 48.78. It has seen a drop of more than 50% from its 52 week high.It can test the all time high in future.
Bears Are Pushing The TSLA Price Down
The weekly technical chart of the Tesla stock price suggests a downside trend in price. It has been seeing a strong downtrend from the past few months.On coming to the daily chart the asset price is trading near $150 with a loss of more than 4.72%. The upside trend of TSLA stock price can see a halt near $200. Meanwhile, the downside trend can see a bounceback from $100. TSLA is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the price to a new low.
Conclusion
Elon musk twitter takeover is hurting Tesla Investors. It has seen a strong downside trend in the past few months TSLA stock price can see an upside move in the future.
Technical Levels
Major Resistance:$200
Major Support:$100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
