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Tesla Inches Up amid Elon Musk’s Social Media Hide and Seek

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Jun. 26 2019, Updated 11:05 a.m. ET

Tesla stock

In the week ended June 21, Tesla (TSLA) continued to trade on a positive note for the third week after settling in negative territory for the previous four weeks. Last week, Tesla stock inched up by 3.2%. While its stock has risen by 20.8% in June so far as of Monday’s closing, it was still trading with massive 32.8% year-to-date losses. In May alone, Tesla stock tanked by 22.4% after media reports pointed towards weakening demand for Tesla cars, which hurt investors’ sentiments.

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Recent updates

On June 15, Musk started his hide and seek on Twitter. One of his tweets read, “Just deleted my Twitter account.” To make it look more realistic, he also removed his profile photo and changed his profile name to “Daddy DotCom.” In one of our recent articles, we discussed why it is hard to buy Musk’s claim of quitting Twitter.

A couple of days later on June 18, Musk made a comeback on Twitter as expected. After facing legal troubles twice in the last year with the SEC, he is bound not to share anything related to Tesla’s finances on Twitter without getting approval from the company’s legal counsel. Nonetheless, Musk seems to know well how to keep his over 27 million Twitter followers entertained.

On June 11, Tesla’s CEO, Elon Musk, denied reports about the company’s car demand problems during the company’s annual shareholder meeting, which helped the stock rise.

On Monday, Tesla stock settled at $223.64 with 0.8% gains for the day. On the upside, Tesla stock is likely to face immediate horizontal resistance near $234 this week.

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