Tesla (TSLA) Stock Slumps Towards $550: Should You Panic?

Tesla (NASDAQ:TSLA) founder and CEO Elon Musk’s appearance on Saturday Night Live last week was a highly anticipated event. However, the event did not prove to be a boost for his personal fortune.

Tesla (TSLA) Stock Slumps Towards $550: Should You Panic?

After Musk made his appearance on the show, he has seen his personal fortune shrink by as much as $20 billion. Although Musk still holds on to his position as the planet’s third-richest person, his appearance led to a plunge in Tesla shares by as much as 15% this week.

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However, that is not all. On Wednesday, the Tesla founder, who had been a big advocate for Bitcoin, announced that the electric vehicle company is no longer going to accept the cryptocurrency for payments. Musk cited environmental concerns as the rationale behind his abrupt change of mind. Analysts have stated that Musk’s activities have not only damaged the crypto space but also put pressure on the Tesla stock.

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.