Tesla drops to new low with conviction faltering on Wall Street and Main Street
Justin Sullivan

Tesla (NASDAQ:TSLA) fell 2.05% in early trading on Thursday to carve out a new 52-week low of $154.10 after investors digested another jolt from Elon Musk.
In a filing with the SEC, Musk disclosed that he sold another 22M shares of Tesla during the week for roughly $3.6B. That brings Musk's total amount of selling of TSLA to $40B over the past year
The reaction from Wall Street continues to be scathing in regard to the Musk-Twitter drama.
"It doesn't put a lot of confidence in the business, or speak volumes for where his attention is at," noted IG Markets analyst Tony Sycamore.
"The Twitter nightmare continues as Musk uses Tesla as his own ATM machine to keep funding the red ink at Twitter which gets worse by the day as more advertisers flee the platform with controversy increasing driven by Musk," chimed in Wedbush Securities analyst Dan Ives.
"Elon is Tesla's brand. He needs to pull it together. He's made these mistakes about running off at the mouth many times and he needs to tighten up the message," stated Loup Ventures' Gene Munster even before the latest selling disclosure.
Meanwhile, RBC Capital Markets cut its price target on Tesla (TSLA) on Thursday to $225 from $325 and warned the stock will likely remain under pressure as gross margin expectations re-calibrate before the compelling case for TSLA re-emerges.
Shares of Tesla are now down 61% for the year vs. Honda (HMC) -15%, Toyota (TM) -22%, General Motors (GM) -35%, and Ford (F) -35%. Tesla's (TSLA) market cap is below $500B for the first time in more than two years.
Read the latest breakdowns on Tesla from Seeking Alpha authors.