Why did Tesla stock plummet today? Broad selling in EV sector and Twitter anxiety
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Tesla (NASDAQ:TSLA) fell 12.18% on a harsh day for the electric vehicle sector as a whole and with all the major stock indexes hit hard.
Investors pushed Tesla (TSLA) to its lowest level in eight weeks as they weighed the impact of Elon Musk buying Twitter. While TSLA would have to fall another 40% for Musk to see a margin call on his pledged shares used to help finance the Twitter purchase, some traders see an overhang with Tesla more closely tied to potential geopolitical battles over the social media site.
There is also some negative news for Tesla (TSLA) out of India after Transport Minister Nitin Gadkari stated that the electric vehicle maker is welcome to set up shop in India and make cars there for export, but that it cannot import cars from China to sell locally, per a Reuters report.
"Making in China and selling here is not a good proposition," noted Gadkari. That policy is counter to Tesla's (TSLA) goal to import and sell its electric vehicles in India. The electric vehicle maker has also lobbied officials in New Delhi for nearly a year to cut tariffs, which Elon Musk has called out for being excessively high.
Read about the big drops across the electric vehicle sector.