Tesla shares hit lowest level in two years at the end of a difficult week GlobeBusiness
Tesla Inc’s stock slumped over 4 per cent on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by chief executive Elon Musk on autonomous cars that failed to win over investors.
One positive development for Tesla: a U.S. District Court judge on Friday granted a request by Musk and the Securities and Exchange Commission for a second extension to resolve a dispute over Musk’s use of Twitter.On Wednesday, Tesla posted a worse-than-expected loss of $702 million for the March quarter. Musk said Tesla would return to profit in the third quarter and that there was “some merit” to raising capital.
Tesla ended its first quarter with $2.2 billion, down from $3.7 billion in the prior quarter, and the company is planning expansions including a Shanghai factory, an upcoming Model Y SUV, and other projects. Tesla’s stock has now fallen 29 per cent in 2019 and the company’s market capitalization has declined to $41 billion from $63 billion in mid-December.
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