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- 1 Elon Musk has shown interest in buying SVB.
- 2 Twitter’s CEO wants the platform to support payment in the foreseeable future.
- 3 Tesla shareholders show disagreement under the influence of fear.
Elon Musk, Twitter CEO, has been watching the Silicon Valley Bank fiasco with interest. The Twitter CEO has already determined to initiate payment features on the social media platform. On the contrary, several Tesla inventors showed disagreement with Musk being “open to the idea.” Tesla CEO previously made a series of Tesla stock sales to help finance his Twitter takeover. The stock sold totaled almost $23 billion, affecting the Tesla stock price (TSLA).
The tweet sparked the conversation inviting responses from various personalities. Shiba Inu’s Billy Markus named Musk as “ the contagion,” and several others speculated about that being Twitter’s plan to enter the Money market.
Elon Musk agreed with Min-Liang Tan when he extended an opinion on Twitter buying SVB and turning it into a digital bank. Min-Liang Tan is the co-founder and CEO of Razor, which operates to sell gaming computers. Musk’s agreement made Tesla stockholders veto the call as they had already suffered losses during the Twitter acquisition.
To avoid a similar rollercoaster, Tesla investors are in opposition of Musk thinking about buying SVB. Since Elon Musk’s Empire has big names like Twitter, Tesla, SpaceX, the Boring Company, and Neuralink, his actions hold the power to influence their stock valuation.
Tesla Stock Reacts to Musk’s Tweet
Tesla is the only stock among the five publicly traded, and if Musk is to bid for SVB in it’s final sell-out, Tesla might have to cut loose some bucks. The Tesla stock price lost about 45% over the period of the Twitter acquisition. A similar fall is anticipated if Elon Musk acquires SVB.
The Tesla stock witnesses a highly volatile market as both selling and buying occur in bulk. The falling Tesla stock price can find support near $160.00, but if the fall is stronger than the current pace, it might land near $80.10.
Conclusion
Twitter CEO Elon Musk has always been a risk taker and made the headlines whenever he’s about to acquire a company. In this instance, Musk hit the news before initiating a deal. A playful thought to take over has already upset Tesla shareholders. The flush of negative emotions is evident in the Tesla stock price action and can even fall to $80.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
