Shares of Tesla Inc. were set to close at their lowest level since late July, with more than 8% falling on Friday afternoon trading following allegations of sexual misconduct against CEO Elon Musk.
The stock is down for three straight sessions, with losses of over 12% over that period, and weekly losses of over 17%.
Musk called the allegations “wild allegations” and “completely untrue.” Business Insider reported late Thursday that SpaceX paid ফ্ল 250,000 to a flight attendant in 2018 to settle a sexual misconduct lawsuit against Mask.
This is the latest news to rock Tesla stock, which seems to be related to Musk’s plans to buy Twitter Inc. TWTR.
EV makers have lost about $ 342 billion in market capitalization since Musk announced plans to buy the social-media company in mid-April.
When Musk tweeted last Friday that Twitter’s deal was “temporarily on hold”, the stock rose 5%. He later tweeted that he was still committed to the $ 44 billion deal.
To achieve this, Moscow has combined about $ 21.5 billion in equity pledges from Morgan Stanley and other financial institutions, including about $ 25.5 billion in debt pledges and pledges against its Tesla stake.
Tesla shares have lost 39% this year, compared to a loss of about 20% on the S&P 500 Index SPX.
In the same period