Tesla shares are gaining nearly 3% before the open after Elon Musk announced that he would surrender the results of a poll organized by himself on Twitter. As a result of it, Musk would be stepping down as CEO of Twitter, the Twitter community voted Musk out with a score of 57%. Tesla shareholders now expect Musk to focus more on his core investment vehicle again. The electric car maker's shares gained nearly 3% before the open:
- A majority of participants in a poll created on Twitter voted for Musk to step down. The poll came just 45 days after Musk took over Twitter. While there is a chance that Musk will indeed step down as a CEO, he will likely retain a decisive role in Twitter's future strategic plans;
- Significant changes implemented by Musk have caused a massive shift in Twitter's operations and resulted in the politicization of the portal, for which the billionaire has apologized already. The radical shifts initiated by Musk on Twitter have influenced the withdrawal of some advertisers. Tesla's shareholder sentiment, has recently been troubled by news of a demand-projecting economic slowdown and production cutbacks at its main factory, in Shanghai. Today we can see some recover signs;
- The mood was also dampened by Musk's recently sold-off holdings of Tesla shares. The last of these in the form of 22 million shares in the company was liquidated four days ago, amounting to $3.6 billion. Musk consistently sold shares on Monday, Tuesday and Wednesday last week.
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Open account Try demo Download mobile app Download mobile appTesla shares (TSLA.US), D1 interval. Looking at Tesla's stock price, we see a bearish head-and-shoulders formation. The key task for the bulls now will be to get back above $210 per share in the longer term. At this levels the formation key 'neckline' and 23.6 Fibonacci retracement are located. The main trend remains downward. Source: xStation5
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