Musk is stepping down as CEO of Twitter. Tesla rises in pre-market ?

Tesla shares gained nearly 3% in pre-open after Elon Musk followed through on the results of his Twitter poll. As a result, Musk resigned as CEO of Twitter, and Tesla shareholders (TSLA.US) Expect Musk to once again focus more on his primary investment vehicle. Shares of the electric car maker gained nearly 3% before the open:

  • In a poll created on Twitter, the majority of participants voted for Musk to step down as CEO, Elon Musk surrendered to the results of the poll. The billionaire resigned as CEO of the social media platform just 45 days after taking office. Although Musk will return to the shadows, he will retain a decisive voice on Twitter’s future strategic actions.
  • Musk’s sweeping changes led to major changes in Twitter’s operations and politicized the site. Musk’s sweeping moves have also resulted in the removal of content from advertisers, while also sending a chill through shareholder sentiment at Tesla, already battered by expectations of an economic downturn.
  • Sentiment also soured after investors learned Musk was selling Tesla shares. Recently, 22 million shares of the company were liquidated at a value of $3.6 billion. Musk sold his shares consecutively on Monday, Tuesday and Wednesday of last week.

Tesla Shares (TSLA.US), D1 Range. Looking at Tesla’s stock price, we see a shoulder-to-shoulder formation. The main task for the bulls now will be to get back above $210 per share in the longer term. At this level they will meet the ETE neckline and the 23.6% Fibonacci retracement. Source: xStation5

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