Tesla stock drops after Musk names New Twitter CEO

Market Movers compiled reactions from investors and analysts regarding Tesla following Elon Musk's announcement of Twitter's new CEO. The experts, including Jim Cramer, discussed the impact on Tesla's stock, which initially experienced a rise. Shareholders had expressed concerns that Musk's involvement in acquiring Twitter might divert his attention from his responsibilities at Tesla, as he serves as CEO of both companies.

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Elon Musk confirmed via a tweet that Linda Yaccarino, former NBCUniversal advertising chief, has been selected as Twitter's next CEO. In a previous tweet, Musk mentioned that the new CEO is expected to assume the role in approximately six weeks. He further stated that he would transition to an executive chair and chief technology officer, overseeing product, software, and sysops.

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This development coincides with Tesla's decision to increase prices on nearly all of its models. Despite this, Morgan Stanley maintained an overweight rating on the company's stock. Nevertheless, Tesla shares closed the trading day more than 2% lower.

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