The Tesla share price is down this Tuesday after CEO Elon Musk said he would sell some of his stake in the company and donate it to the World Food Program (WFP), provided the organization was more transparent about how it was spending its money.
The tweeted comments came on the back of a heated Twitter debate between Musk and the head of the WFP, David Beasley. Beasley had challenged billionaires to use more of their money to end world hunger. Musk offered to sell $6billion worth of Tesla shares and hand the funds to the WFP on the condition of more transparency.
Tesla is yet to make an official response to its CEO’s tweets. The Tesla share price is down 2.42% as of writing.
Tesla’s steep climb suggests it may be ripe for a correction. The intraday selloff comes on the back of the failure of the intraday high to top Monday’s 2021 high. This intraday decline needs to break down the 1134.35 support level to initiate an additional correction towards 1025.26. Other downside targets are found below 1000, coming in at 902.94 (25 January high) and 779.23.
On the flip side, 1307.51 and 1433.50 are pre-stock-split highs that may serve as potential upside targets if the Tesla share price can achieve a closing penetration above the 1 November high of 1209.75.
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This post was last modified on Nov 02, 2021, 16:02 GMT 16:02