MULN Stock Forecast: Mullen Automotive slips as Tesla/Twitter deal drags down EV stocks

MULN fell by 3.7% during Wednesday’s trading session.
As Elon Musk moves in to acquire Twitter, Tesla stock sells off.
Ford is raising the price of its F-150 Lightning Truck for the second time.

Stocks Reporter FXStreet

Mullen Automotive (MULN) traded lower on Tuesday as stocks cooled off following a red-hot start to the month of October. Shares of MULN slipped lower by 3.7% and closed the trading session at a price of $0.34. It was a volatile trading day as all three major averages closed the day lower after flipping from red to green during intraday trading. 10-year treasury bond yields rose sharply after retreating for the first two days of the week. Overall, the Dow Jones lost 42 basis points, the S&P 500 dropped by 0.2%, and the Nasdaq closed lower by 0.25%.

Mullen Automotive stock price

Much of the focus in the electric vehicle industry remains on Tesla (TSLA) CEO Elon Musk’s impending acquisition of Twitter (TWTR). Tesla’s stock dropped again on Wednesday as investors began to weigh how much Musk’s involvement with Twitter will take away from his operations at Tesla. Musk has already revealed on Twitter that the acquisition brings him one step closer to being able to launch the X app, which is his vision to take on other super apps like Tencent’s (TCEHY) WeChat. Shares of TSLA and TWTR fell by 3.5% and 1.4%, respectively, during the session.

In other EV news, legacy automaker Ford (F) is raising the price of its much anticipated F-150 Lightning truck by a further $5,000. It is the second such price hike for the truck in two months as Ford continues to battle rising costs and supply chain issues. Shares of Ford were up by 1.2% on Wednesday after Morgan Stanley raised its rating for the stock to Overweight.

MULN stock performance 10/5/22

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Stocks Reporter

FXStreet

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