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Elon Musk is famous for his statements and tweets that spread around news headlines in a moment and provoke a lot of buzzes. This time, he claimed that he has “a super bad feeling about the global economy”. How can it shake the market? What does it mean for Tesla? Let’s discuss in this article.
In a recent email to Tesla employees, Musk said that the company won’t only suspend recruitment but also reduce 10% of employees. However, according to the company’s employees, job cuts won’t affect those who produce cars or batteries. About 39% of Tesla's roughly 100,000 workers were "production line employees," according to the company's annual report.
The automaker's shares fell more than 9% on Friday after news of job cuts appeared. And Musk’s statement about “bad feeling” in the global economy didn’t help it.
Recent lockdowns in Shanghai hamper production at the company's local Gigafactory. In addition, commissioning costs and expenses associated with commissioning factories in Berlin and Austin have risen. All these factors are forcing investors to "discount car gross margins," which, according to analytics, probably peaked in the first quarter of the year.
While demand for Tesla cars still exceeds their production capacity, that doesn't necessarily preclude the need to control costs. So, does a challenging macroeconomic landscape in which the supply chain remains under pressure, inflation impacts demand, geopolitical risks rise, and capital markets remain depressed, call for some reduction in EV expectations?
Tesla’s stock price has been fluctuating between $618 support and $800 resistance since May 11. Now it’s $706.
Moreover, Elon's deal with Twitter hasn’t been completed due to disputes over bots. Last month, Musk said he was delaying the deal until the social media giant could prove that bots make up less than 5% of its users, the company said in public documents. Musk has calculated that fake accounts make up at least 20% of all users.
However, Twitter said it did share information with Musk about how it counts the number of spam accounts on the service. Moreover, executives told employees that Musk can't just delay the deal as the two sides had signed a merger agreement. The company confirmed on Monday that it would hold Musk accountable for the terms of his proposed $44 billion takeovers, suggesting even the company believes he may be trying to derail the deal. It's possible that Twitter could try to sue Musk to complete the deal if he tries to back out of the acquisition.
Shares of Twitter fell 1.49% on Monday, signaling increased skepticism that Musk will complete his offering at $54.20 a share. Shares have barely — and only briefly — topped $50 since Musk unveiled his buyback plan on April 14. The deal went through at breakneck speed partly because Musk turned down the opportunity to look at Twitter's finances beyond what was publicly available.
Musk probably has a different experience with bots on the platform than most. With 96 million followers, Elon probably attracts more bots than most users.
Now the price is consolidating between two important levels - $42 resistance and $35 support.
Due to all this news, we can just hope that Elon’s “bad feeling” is wrong and soon he’ll own one more company! Many traders support Musk and his companies and believe in the potential profit it can bring.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
FAANG stocks started recovering. Which ones are the best according to fundamental analysis?
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
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