Tesla (TSLA) Continues Slide as Elon Musk Reveals New Venture
Shares in Tesla (TSLA) stock are down sharply after the company reported another quarter of lackluster financial results and Musk warned of some potentially “rough quarters” into next year. As the markets drew to a close on Thursday, the EV maker’s stock was down over 8%. To bring even more concern to the minds of TSLA investors, Musk has announced a new business venture: bringing back the Vine social media platform.
On Thursday morning, the Tesla (TSLA) CEO and tech stalwart posted on X that “We’re bringing back Vine, but in AI form.” That eight-word post—he has yet to elaborate—kicked off a whirlwind of speculation. When Musk has announced new ventures in the past, it has impacted TSLA stock shares for better or worse. When the ventures are tied to his existing companies, the Tesla stock tends to rise. However, when he decided to pursue politics and joined Donald Trump’s presidential administration, the stock took a heavy hit.
Tesla Falls After Musk Announced Potential Vine Return
Vine was one of the most popular social media platforms of its time, setting the stage for future short-term content that we see today on TikTok, Reels, and YouTube Shorts. Musk’s announcement isn’t out of the blue, as he has floated a Vine revival before. Days after he finalized his Twitter takeover in 2022, he launched a “Bring back Vine?” poll that garnered overwhelming affirmation. Axios reported that Musk’s team was “working to reboot Vine” by the end of that year. And Musk earlier this year said he was “looking into” bringing back Vine as a TikTok ban was slated to take effect.
Rumors began to swirl that X (formerly Twitter), the social platform that Musk bought in 2022, could have some sort of integration with a potential Vine revival. However, representatives from X have yet to confirm anything.
Also Read: Google Stock Soars, Tesla Crashes 8%: Markets Rattle After Earnings
On Wednesday, Tesla said revenue fell 12% and profit dropped 16% in the April-June quarter. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China. Its latest earnings report sent shares plummeting, and that drop will take a lot to come to an end.
Read More
Tesla (TSLA) Continues Slide as Elon Musk Reveals New Venture
Shares in Tesla (TSLA) stock are down sharply after the company reported another quarter of lackluster financial results and Musk warned of some potentially “rough quarters” into next year. As the markets drew to a close on Thursday, the EV maker’s stock was down over 8%. To bring even more concern to the minds of TSLA investors, Musk has announced a new business venture: bringing back the Vine social media platform.
On Thursday morning, the Tesla (TSLA) CEO and tech stalwart posted on X that “We’re bringing back Vine, but in AI form.” That eight-word post—he has yet to elaborate—kicked off a whirlwind of speculation. When Musk has announced new ventures in the past, it has impacted TSLA stock shares for better or worse. When the ventures are tied to his existing companies, the Tesla stock tends to rise. However, when he decided to pursue politics and joined Donald Trump’s presidential administration, the stock took a heavy hit.
Tesla Falls After Musk Announced Potential Vine Return
Vine was one of the most popular social media platforms of its time, setting the stage for future short-term content that we see today on TikTok, Reels, and YouTube Shorts. Musk’s announcement isn’t out of the blue, as he has floated a Vine revival before. Days after he finalized his Twitter takeover in 2022, he launched a “Bring back Vine?” poll that garnered overwhelming affirmation. Axios reported that Musk’s team was “working to reboot Vine” by the end of that year. And Musk earlier this year said he was “looking into” bringing back Vine as a TikTok ban was slated to take effect.
Rumors began to swirl that X (formerly Twitter), the social platform that Musk bought in 2022, could have some sort of integration with a potential Vine revival. However, representatives from X have yet to confirm anything.
Also Read: Google Stock Soars, Tesla Crashes 8%: Markets Rattle After Earnings
On Wednesday, Tesla said revenue fell 12% and profit dropped 16% in the April-June quarter. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China. Its latest earnings report sent shares plummeting, and that drop will take a lot to come to an end.
Read More