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Why Nio Shares Are Sinking Today

TheMotleyFool

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Elon Musk stole the spotlight this morning, and his reported comments are hitting the stock prices of many electric vehicle (EV) makers. Nio (NYSE: NIO) is one that shares the Chinese market with Musk's Tesla, and its American depositary shares are being impacted. As of 11:06 a.m. ET, Nio shares were down 4.9% on the final trading day of the week.

Musk sent an email to his executives yesterday telling them to cut his company's workforce by 10% globally and to pause all hiring, as reported by Reuters. And Nio investors should care for several important reasons.

Source Fool.com

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