cryptonews.net
Tesla shares (TSLA) and Shiba Inu Memcoin (SHIB) have been underperforming since early 2022 and have both lost about 70% since the start of the year. Notably, cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE) have outperformed the shares of the leading e-car maker. Tesla shares fell nearly 9% on Thursday after the company announced a $7,500 price cut for Model 3 and Model Y vehicles for those expecting delivery this month across the U.S. As a result, there were concerns about a decrease in demand.
Investors have recently raised concerns that Tesla CEO Elon MUSK may be putting more of his shares in the company up for sale to fund his investment in Twitter, having sold about $3.5 bln worth of shares last week. In an attempt to bolster shareholder confidence in the e-car maker, Musk said he would not sell shares during the coming two-year period.
However, TSLA rose just 1.2% in after hours trading, curtailing initial gains as uncertainty about Tesla futures continues to linger. Investors are unlikely to be reassured by Musk's recent comments, as he repeatedly sold TSLA shares after promising not to do so back in April.
Image: Gfinity Esports