Tesla (TSLA) Stock Down 0.48% in Pre-Market after Last Friday’s 10% Sell-Off

UTC by Tolu Ajiboye · 3 min read
Tesla (TSLA) Stock Down 0.48% in Pre-Market after Last Friday’s 10% Sell-Off
Photo: Depositphotos

After Friday’s crash, Tesla (TSLA) has begun to rise in the pre-market but now is falling again.

Tesla Inc (NASDAQ: TSLA) stock has had its fair share of ups and downs in 2020. Just like other stocks, it has been significantly affected by the effects of the coronavirus pandemic currently ravaging the world. Even with the pandemic, TSLA experienced another fall last Friday, interestingly caused by Tesla CEO himself, Elon Musk. However, Tesla (TSLA) has now gained some weight and is on the way to correcting its losses. TSLA is now at $697 after losing $3.34, a 0.48% fall.

On Friday, Elon Musk began to trend on Twitter after he posted interesting tweets. The tweet that most likely caused the crash was Musk saying that the “Tesla stock price is too high”. Shortly after, TSLA crashed by 12% and eventually closed on the day, down 10.30%.

Regardless, Tesla is still primed for a rise, as the company is dipping its feet into offers that could potentially surge its stock.

Tesla In-Car Gaming

It would seem that Tesla is looking to add gaming to its electric vehicles. In a tweet from Musk on May 3, the CEO asked his 33 million followers about the idea of a ‘multiplayer Minecraft’, a virtual reality game like Pokémon Go, or a ‘complex version of Pac-man or Mario Kart’. In response, he got quite a few offers from people who thought it a possibility and offered help. There is however no official statement on whether this was a random thought or something Tesla wants to work on actively.

Last year, the company launched its ‘Tesla Arcade’. This allows Tesla owners to play different video games inside the car. In 2018, Tesla launched ‘Teslatari’, an emulator for Atari games for its vehicles.

Tesla Energy

Tesla is currently looking to become an energy provider. The company has applied to the UK’s Office of Gas and Electricity Markets (OFGEM) for an electricity generation license. While there aren’t a lot of details on this move, a Telegraph report says that analysts believe the move could disrupt the UK’s energy sector. Tesla has not officially commented on the move.

The Telegraph also says Tesla could be working on an Autobidder service for the UK. If successful, it would be Tesla’s trading platform for energy producers in the country. There already is an Autobidder platform running in South Australia’s Hornsdale Power Reserve.

Electric Cars in China’s Post-COVID Plans

One of the moves China has made on its road to post-coronavirus recovery is ease on the automobile industry. The government has announced a few policies that will help the electric car industry, as it recovers.

Authorities have extended subsidies and tax break policies that were to expire this year, to 2022. Also, the government has plugged 2.7 billion yuan ($382.3 million) into battery-charging hardware. According to the Corporate Research Director at Shanghai’s Fitch Ratings, Jing Yang, Beijing has a ‘long-term strategy’ to support the country’s energy vehicle market.

Because of the pandemic, the production of these vehicles fell more than 60% from the same period last year. Sales also fell over 56%.

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Tolu Ajiboye
Author: Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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