Tesla's shares extend downward move

4:44 PM October 5, 2022

Tesla Inc (TSLA.US) stock fell nearly 6.0% on Wednesday as CEO Elon Musk's renewed proposal to buy Twitter Inc (TWTR.US) puts pressure on the electric-car maker. The same thing happened when the deal was first announced in April, as investors feared that Musk would have to sell Tesla stock in order to finance the takeover. Musk already sold about $20 billion in Tesla stock over a six-month period beginning late last year. He sold an additional $7 billion in August and he might be forced to transfer the remaining amount. Wedbush analyst Dan Ives thinks he might sell another $2 billion or $3 billion of Tesla stock, according to Barron's. 

Tesla (TSLA.US) stock launched today's session sharply lower after buyers failed to break above local resistance at $253.00 during yesterday's session. As long as price sits below this level, downward move may deepen towards recent lows at $207.20. Source: xStation5

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