Why Tesla Shares Dropped Monday
Tesla (NASDAQ: TSLA) shares are starting the week on a slide, as new concerns arise related to production in Shanghai as well as distractions for CEO Elon Musk. The stock dropped 3% in early trading Monday, but those losses eased as the session progressed. As of 12:15 p.m. ET, Tesla shares were down 0.8% for the day.
Two news items are driving the negative sentiment this morning. Some investors likely worry about how distracted Musk is becoming now that reports have surfaced that his bid to take over social media site Twitter may be closer to becoming reality. More importantly, though, are concerns that Tesla's Shanghai manufacturing facility could see renewed impacts from Chinese lockdowns being implemented to address the spread of the coronavirus.
Image source: Tesla.
Source Fool.com
