Tesla Inc's stock price slumped 5% on Friday to its lowest in two years, ro...
SAN FRANCISCO - Tesla Inc’s stock price slumped 5% on Friday to its lowest in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.
It was the worst weekly drop for Tesla since August last year, when Musk told the New York Times in a tearful interview that he was under major emotional stress. One positive development for Tesla: a U.S. District Court judge on Friday granted a request by Musk and the Securities and Exchange Commission for a second extension to resolve a dispute over Musk’s use of Twitter.
On Monday, Musk hosted a self-driving vehicle presentation, where he predicted Tesla would have over a million autonomous vehicles by next year. Some analysts perceived the presentation as a way to deflect attention from questions about demand, margin pressure, increasing competition and even Musk’s ongoing battle with U.S. regulators.
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