Tesla shares tank after Elon Musk tweets the stock price is 'too high'
Shares of Tesla dropped as much as 12% Friday after CEO Elon Musk tweeted that the company's shares are priced "too high." The company just days before reported a strong quarter, sending shares higher. The agreement came after Musk's famous tweet in August 2018 saying he wanted to take Tesla private at $420 per share and that he had secured the funding to do so.
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Elon Musk’s financial upswing shows no signs of slowing. The rise vaulted the Tesla co-founder past French luxury tycoon Bernard Arnault, the wealthiest non-American on the Bloomberg Billionaires Index. Musk’s fortune has grown by $57.2 billion this year, the second-biggest increase on the index after Amazon.com Inc. founder Jeff Bezos’s.
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US risking another COVID-19 wave, Mark Zandi warns
Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.
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GM expecting billions in the new bond offering
US automaker General Motors said Monday that it is suspending its quarterly dividend and planning to raise billions through new bond offerings. General Motors is taking steps to shore up its balance sheet as the coronavirus keeps plants shuttered and auto sales depressed, the company said Thursday. The stock is down 39.3% in 2020 as the coronavirus has devastated vehicle sales and shuttered auto plants.
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Biggest contraction in the services sector of the US since 2009
Coronavirus has halted economic activity in America. The U.S. services sector contracted for the first time in about a decade last month as the coronavirus pandemic brought economic activity in the country to a near-screeching halt, according to the Institute for Supply Management. The ISM non-manufacturing index dropped to 41.8 in April from 52.5 in March, showing the first contraction in services since December 2009
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