Tesla Stock Has Dropped More Than 35% Since Elon Musk First Said He'd Buy Twitter

Tesla shares have fallen more than 35% since Elon Musk first said he was buying on Twitter.

  • Musk announced that he would buy Twitter in April.
  • Tesla shares have dropped 35% since then.
  • The richest man in the world has a lot of work.

Tesla CEO Elon Musk recently announced his offer to buy Twitter, and since then shares of Tesla have declined over 35% and closed only 3.6% on Friday, as markets recovered from a volatile week. By comparison, the Nasdaq Composite has declined about 18% in that same time frame.

When Musk first announced that he had agreed to buy Twitter, Tesla’s stock closed at $332.67. Today, it closed at $207.47—its first full week of owning the Twitter account.

In an interview with Ron Baron at the 29th Annual Baron Investment Conference, Tesla CEO Elon Musk spoke about juggling his new responsibilities.

In addition to running a reusable rocket manufacturer and satellite internet company (SpaceX), and a multinational electric vehicle and sustainable energy company (Tesla), as well as funding and founding a brain chip company (Neuralink) and of tunnels (The Boring Company), Musk now calls himself “Chief Twit”. More formally, he is the CEO and sole director of Twitter following their $44 billion deal.

Musk told Baron, “My workload has increased from about 78 hours a week to probably 120,” adding that “once Twitter is on track, I think it’s a much easier thing to manage than SpaceX or Tesla.”

He didn’t say who, if anyone, might replace him as Twitter’s CEO, though he did tell Twitter followers that his role as the social network’s sole director and CEO is temporary.

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