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Home›Debt Overhang›Tesla shares set to rally after Elon Musk quits Twitter, analyst says

Tesla shares set to rally after Elon Musk quits Twitter, analyst says

By Lisa Small
July 9, 2022
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Wedbush Securities’ Dan Ives said the deal has been a burden on Tesla shares, but a likely legal battle will continue to deter some investors.

“For Tesla’s stock, it will be a relief rally as this situation was an overhang on the stock, but the street is wary of the looming court battle between Musk and Twitter’s board,” Ives said. .

Shares of Tesla, of which Musk is CEO, rose 2.2% in after-hours trading on Friday after Musk announced he was pulling out of the deal.

The stock closed at $752, valuing the company at nearly $780 billion, but shares have fallen 37% this year. However, they are still 14% higher than in July last year and it remains by far the most valuable automaker in the world.

Twitter shares fell more than 5% in after-hours trading to $35. The company is now valued at just $28 billion, which is $16 billion less than Musk had offered.

The deal clearly weighed on Tesla’s share price, and therefore Musk’s net worth. The world’s richest man has lost $65 billion since deciding to acquire the company, Insider reported, while the automaker has lost about a quarter of its value since the news broke. agreement on April 25.

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