Concerns over Elon Musk's Twitter distraction are prompting fears that he may need to allocate less time to Tesla (NASDAQ:TSLA). The stock has plunged 25% to $236 over the past two weeks on the concerns, as well as a reality check that Musk (who's personally on the hook for $33.5B) could be forced into another selldown of his TSLA shares. The haters are calling it a typical PR distraction, but Musk took to Twitter overnight to overlay the recent downturn with a new product announcement in a similar fashion conducted in August.
Quote: "Excited to announce start of production of Tesla Semi Truck with deliveries to @Pepsi on Dec 1st!" he wrote in a tweet. "500 mile range & super fun to drive."
Go deeper: PepsiCo (NASDAQ:PEP) ordered 100 Tesla Semis in 2017, with the aim of cutting its fuel costs and emissions. At the time, production was expected to commence in 2019, with the 500-mile-range version starting at $180K. While the price tag is likely a lot higher today, as an all-electric Class 8 truck, it would qualify for a tax break of up to $40K under the Inflation Reduction Act. Should the Tesla Semi be everything the company says it is, the vehicle could revolutionize the freight transport industry, with its cost savings and smaller carbon footprint.