Tesla Stock News and Forecast: TSLA CEO Musk discloses 9% stake in Twitter

Tesla CEO Musk owns nearly 1/10 of Twitter.
Twitter stock soars 20% in premarket.
Tesla stock is up by 1% in premakret.

Ivan Brian FXStreet

Tesla (TSLA) CEO Elon Musk disclosed early on Monday that he had taken a 9.2% stake in Twitter. Elon Musk of course is one of the most-followed people on Twitter with over 80 million followers. Now he has put his money where his mouth is and taken a decent stake in the social media company.

Tesla Stock News

TSLA stock has not reacted to the news but is 1% higher in Monday's premarket. Tesla closed last week after having gained over 7% as the recovery in global stock markets continued. Over the weekend Tesla released delivery data for the first quarter and that was a record number at 310,000. The number was slightly short of analyst estimates despite being a record. Analysts had feared that ongoing supply chain issues might hit deliveries, but this number should at least give comfort in that regard. Tesla said it had managed despite supply chain issues and a factory shutdown. This is referring to China, which is battling an outbreak of the Omicron strand of covid and has introduced multiple city lockdowns that have affected manufacturing sites across China. Tesla has also announced that its first quarter earnings will be released on April 20.

Tesla Stock Forecast

Tesla stock has made a strong recovery from the Ukraine lows and like most stocks has rallied significantly. Breaking $945 was key, and now the momentum is behind the stock. The delivery numbers should underpin recent gains. The next big resistance comes at $1,210. Note the Relative Strength Index (RSI) getting close to overbought.

Tesla (TSLA) stock chart, daily

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.