Tesla Inc.’s stock on Wednesday extended its losses to a third session after Chief Executive Elon Musk’s criticism of a laid-off Twitter employee went viral.
The stock fell 3% on a mixed day for the broader equity market, with the drop bringing Tesla’s March losses to more than 11% so far.
The stock fell to its lowest closing price since Feb. 1, at $182. Tesla is down six out of the past seven sessions, and was the fifth-worst performer in the S&P 500 and second worst in the Nasdaq 100 It was the most active stock in both.
Musk later apologized to the employee, a tech entrepreneur in Iceland. Musk bought Twitter in October and has presided over several rounds of layoffs and cost-cutting measures at the social-medial company.
Also on Tuesday, Musk said that he expected Twitter to be cash-flow-positive soon.
Wall Street is divided over Musk’s continued leadership at Twitter, with some believing that the billionaire could keep up the pace working as the top executive at the several companies he owns. Plenty of others, however, believe the opposite.
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Tesla tanked at the start of the month when Wall Street wanted details on the next Tesla EV but got only vague promises about global electrification and Tesla’s technological advantages.
Analysts at Berenberg earlier Wednesday downgraded their rating on Tesla’s stock to hold, saying that they see the new electric vehicle hitting its stride possibly around 2028.
Tesla’s stock is down 34% in the last 12 months, compared with losses of about 4% for the S&P 500