Tesla slides to multi-year low as premium valuation goes in reverse (update)
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Tesla (NASDAQ:TSLA) carved out a new 52-week low of $140.60 on Tuesday with some reports indicating the search for a new CEO at Twitter could be drawn out and keep the Elon Musk distraction angle a factor for weeks or months in how the stock is viewed.
Musk, who's currently CEO of both Tesla (TSLA) and privately held Twitter (along with other private companies like SpaceX), confirmed late Tuesday that he will step down as Twitter's chief executive.
The billionaire made the move after polling his Twitter followers over the weekend on whether he should give up the helm at the social-media giant, which Musk recently bought and took private.
However, the entrepreneur said he would only relinquish his Twitter CEO title "as soon as I find someone foolish enough to take the job," potentially meaning he'll remain tied up with the social firm's business for some time.
Shares of Tesla (TSLA) closed down 8.05% earlier Tuesday and ended up trading at a 25-month low. The stock has given back more than half of the pandemic gain and is down more than 65% during 2022.
Is Tesla (TSLA) a value pick yet? On a quant basis, the electric vehicle stock is still rated D- although bulls maintain the growth and margin upside warrants a premium valuation similar to a tech megacap superstar. Over the last week, Tesla has fallen more than EV peers like Fisker (FSR), Rivian Automotive (RIVN), Lucid Group (LCID), and Nio (NIO).
What to watch: Perhaps lost in all the drama over Tesla's (TSLA) share price slide and the Twitter headlines, the electric vehicle giant is only two weeks away from reporting on Q4 deliveries. Tesla (TSLA) is seen having a chance to hit 450K to 465K deliveries for the quarter with Giga Berlin and Giga Austin contributing. If Tesla (TSLA) could hit 475K deliveries, the company could re-charge the bull argument by achieving its broad target of 50% production growth. Read more about Tesla's plans to locate its 5th Gigafactory in Mexico.
Corrected to indicate the length of time since Tesla traded at its current level