Before yesterday’s session, Tesla’s market cap was already down $250 billion since April 4, the day Elon Musk announced he increased his Twitter stake.
Adding insult to injury is the fact that Musk has provided little information on how he will cover the $21 billion equity piece that he personally guaranteed.
To be fair, Elon Musk’s acquisition of Twitter is not the only factor that has led to a significant drop in Tesla’s stock price.
Still, this massive drop comes just after Tesla reported record quarterly results last week; prior to April 26, the company’s shares were the best performers among the high-profile growth stocks this year.
Interestingly, Twitter stock also slid on April 26, falling 3.9% to close at $49.68, even though Musk agreed to buy the company the day before for $54.20 per share in cash.