Tesla’s stock (NASDAQ: TSLA) fell 6.2% on Thursday at 10:35 a.m. ET, ending a three-day upward trend. This decline has been attributed to market volatility and investor concerns regarding CEO Elon Musk’s impending management role at Twitter following his $44 billion buyout of the social media platform.
Elon Musk announced he will be taking over as CEO of Twitter once the acquisition is complete, which has raised worries among Tesla investors about potential distractions from his primary role at Tesla. Additionally, Musk has enlisted 19 investors, including Larry Ellison and Sequoia Capital, to contribute to the financing of the Twitter deal, reducing his personal financial risk associated with the acquisition amid concerns of economic downturns impacting his collateral, valued at $62.5 billion in Tesla stock.
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