- NASDAQ:MULN gained 1.24% during Friday’s trading session.
- EV Stocks slide as Tesla tumbles following further spending plans.
- Tesla shareholders approve the 3 for 1 stock split at the annual meeting on Thursday.
NASDAQ:MULN edged higher on Friday as a few positive announcements from the company led the stock to a near 10% gain for the week. Shares of MULN added 1.24% and closed the trading week at $0.85. It was another mixed session for stocks despite another sign that the US economy is not in a recession. The July jobs report came in much higher than expected and national unemployment rates slipped lower to 3.5%. Overall, the Dow Jones eked out a small gain of 76 basis points, while the S&P 500 and the NASDAQ fell by 0.16% and 0.50% respectively during the session.
EV stocks closed the week on a sour note as many took cues from Tesla (NASDAQ:TSLA) which tumbled by 6.63% following its annual shareholder meeting. Tesla investors were concerned by CEO Elon Musk’s plan to deliver 20 million vehicles annually by 2030. This means that the company will likely need to raise capital in the near future to begin construction of more GigaFactories. Other EV stocks on the decline included Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), and Nio (NYSE:NIO).
Mullen stock price
The other news out of Tesla is that as expected, the shareholders approved the proposed 3 for 1 stock split on Thursday. The split will go into effect on August 25th for shareholders of record on August 17th. The last Tesla stock split was in August of 2020, which means the two splits are just two years apart. The news of the split was overshadowed by the aforementioned spending increases by Tesla to raise its delivery figures.
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