Tesla shares dropped 12.2%, wiping out more than $125 billion off its market value, over worries about how it would be impacted as Elon Musk looks to completes his takeover of Twitter.
Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant near Gruenheide, Germany, on March 22. Tesla shares sank on Tuesday, a day after Twitter accepted a takeover offer from Musk. One day afterit had accepted Musk's $44 billion takeover bid, Tesla shares sank 12.2%, wiping out more than $125 billion off the electric vehicle maker's market value.
When Musk announced he had secured the money to finance the transaction, he said he would cover $21 billion himself, with banks helping finance the other half. There is also growing concern about whether owning Twitter would bring him into conflict over free speech with the government in China, a key market for Tesla where the auto maker also has significant production.Musk is the CEO of Tesla and Space-X and is involved with other business ventures such as Neuralink, which develops brain implant technology, as well as The Boring Company, which makes tunnels.
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