Tesla Stock Falls Over 11% , After Elon Musk Buys Twitter.<br />Tesla Stock Falls Over 11% , After Elon Musk Buys Twitter.<br />CNBC reports that just one day after Twitter's board approved Musk's $44 billion bid for the company.<br />Tesla stock dropped over 11%.<br />Since the bulk of Musk's wealth <br />is tied up in Tesla stock, .<br />it seems investors may be concerned he'll have to borrow against his holdings to fund the Twitter deal.<br />It would also add another detailed endeavor to his plate, possibly distracting him from his responsibilities at Tesla, which doesn't sit well with investors.<br />CNBC reports that once the deal closes, Musk will be the head of Tesla, SpaceX, Twitter, <br />the Boring Company and Neuralink. .<br />Still, Tesla reported in its first-quarter <br />2022 earnings that automotive revenue <br />was up 87% from the prior year.<br />CFO Zach Kirkhorn said that even though Tesla lost a month of "build volume" because of COVID shutdowns, .<br />“production is resuming at limited levels, and we’re working to get back to full production as quickly as possible.”
