Tesla’s stock price also plunged more than 6% as tech stocks plunged on Wall Street again.
Tesla plunged 6.32 percent to $223.07 on the New York Stock Exchange on the 7th (local time).
This seems to be due to a large number of technology stock selling, with Nasdaq plunging 3.80% on the same day.
On the same day, the U.S. stock market plunged en masse as the employment report exceeded expectations. Dow plunged 2.10%, S&P 500 plunged 2.80%, and Nasdaq plunged 3.80%.
The news that Tesla CEO Elon Musk, who is seeking to acquire Twitter, is having a hard time preparing for the acquisition seems to have affected the decline in Tesla’s stock price.
This is because if Musk fails to secure funds for the acquisition, he will have no choice but to sell Tesla’s shares.
Tesla shareholders want Musk to focus on Tesla. Tesla’s stock price has been falling day after day since Musk said he would re-promote the acquisition of Twitter.
Not only Tesla’s, other stock in NASDAQ plunged as well
U.S. semiconductor stocks also plunged as South Korea’s Samsung Electronics and AMD, a leading semiconductor company in the U.S., warned of earnings.
AMD shares plunged 13.87% to $58.44 on the New York Stock Exchange on the 7th (local time).
This is because AMD issued a performance warning. AMD announced in its earnings announcement the previous day that its third-quarter sales were estimated at $5.6 billion. This is a significant decrease from the previous estimate of $6.71 billion.
AMD explained the reason for lowering its earnings forecast that demand for semiconductors is also plummeting due to a recent sharp drop in demand for personal computers (PCs).
As AMD’s stock price plunged, other semiconductor companies’ stock prices also plunged.
Shares of NVIDIA, Intel, Qualcomm, and Micron Technology plunged 2-6% respectively. As a result, the Philadelphia Semiconductor Index plunged 6.06%.
South Korea’s Samsung Electronics, the world’s largest memory semiconductor company, also warned of its earnings, which had a significant impact on the plunge in U.S. semiconductor stocks.
Samsung Electronics said in a public announcement on the previous day that its operating profit in the third quarter was tentatively tallied at 10.8 trillion won, down 31.7% from the same period last year.
