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Tesla stock closed at $265.25 on Friday, September 30. Closing a week later, Tesla stock traded at $223.07, down nearly 16%. It was the worst week for stocks since March 2020, when the Covid-19 pandemic began to blanket the US, shutting down businesses and public life.
Over the weekend, Tesla reported production of electric vehicles and delivery number that did not live up to analyst expectations.
On Monday, Musk continued stir up a political firestorm by considering how he thinks Russia’s brutal invasion of Ukraine should be addressed.
According to estimates compiled by the FactSet-owned Street Account, analysts had expected Tesla to report deliveries of 364,660 vehicles in the period ending September 30, 2022.
But late last week, Tesla reportedly delivered a total of 343,000 and produced 365,000 electric cars – despite having begun production at two new plants in Brandenburg, Germany and Austin, Texas.
Analysts wonder if Tesla is currently facing demand erosion in China, where it is facing stiffest competition from BYD, the maker of electric vehicles and lithium ion batteries due to Warren Buffet backs.
Tesla also hosts a engineer recruitment event Late last Friday, in which it test-fired a rudimentary early prototype of a humanoid robot and talked about the challenges and progress remaining in developing self-driving technology that could turn our cars into cars. they become robots with a software update.
The robot demo failed to impress industry insiders, but its potential has attracted some fans and optimistic analysts.
On Monday, Musk posted a Twitter poll assess support for what he claims may be the result of the seven-month conflict between Russia and Ukraine.
He proposed new UN-monitored votes in Ukraine on whether some parts of the beleaguered democratic nation should join Russia. He also suggested that Ukraine should cede Crimea to Russia and that the country should then remain “neutral” instead of aligning with NATO or Russia.
Kremlin Praise Muskbut he was harshly criticized by many others including Ukrainian President Zelenskyy, Ukraine’s ambassador to Germany Andrij Melnyk, South Carolina Senator Lindsay Graham and anti-Putin human rights activist and former chess champion Garry Kasparov.
Kasparov, who managed to thwart Putin’s rise to power and was jailed and beaten for his activism before fleeing the country, described Musk’s plan as “a repeat of Kremlin propaganda. “
Although Musk initially agreed to buy Twitter in April 2022, months later he accused the company of lying about its user numbers in financial records, and fought in court to get out. the deal he proposed.
Twitter sued Musk to ensure that the deal goes as promised, seeing a favorable opportunity for its shareholders. Faced with price drops this week and the trial’s start date approaching, Musk sent a letter to Twitter and the court this week saying he would take the company private for $54.20/ share. He wanted Twitter, or the court, to continue the litigation and a judge gave him until October 28 to end the deal or continue the trial.
Tesla and SpaceX CEOs may have to sell another portion of Tesla stock to fund the Twitter acquisition. He will only be able to do so on or after October 19, when the electric-car maker reports its third-quarter earnings.
Despite his tumultuous week, Musk has at least scored a historic professional achievement at his reusable rocket venture, SpaceX. Company launch four people to the International Space Station from Cape Canaveral, Florida on Wednesday.
The mission is SpaceX’s fifth crewed launch for NASA to date and the company’s eighth human flight in just over two years. One of those flying with SpaceX on this latest mission is Russian cosmonaut Anna Kikina.
Musk also brags about the years-delayed start of production Tesla Semian all-electric heavy-duty truck and promised that the company would deliver some of the trucks to Pepsi on December 1.