By Dean Seal

Shares of Tesla Inc. slipped 3.1% to a two-year low of $155.88 on Wednesday, extending a selloff that kicked up this week over Chief Executive Elon Musk's online antics and involvement with Twitter Inc.

The world's largest carmaker by market value saw its shares drop 6% on Monday following a weekend in which Mr. Musk attacked Twitter's former head of trust and safety online and called for the prosecution of U.S. government medical adviser Anthony Fauci in a tweet that also mocked people who use preferred or non-standard pronouns.

After Monday's selloff, Tesla backers voiced frustrations online about Mr. Musk giving more attention to running Twitter than Tesla, and stirring up controversy that hurts the electric-car company's brand.

Shares fell another 4% on Tuesday to close at $160.95. Before the market closed, Mr. Musk said in a tweet that Tesla shareholders would "benefit from Twitter long-term," though he didn't provide further details.

The selloff continued on Wednesday morning after Goldman Sachs analysts cut their price target for Tesla stock to $235 from $305, saying in a research note that global supply and demand appear to be softening for the carmaker.

Shares hit a low of $155.88 at around 11 a.m. ET before recovering slightly, though they are still trading at the lowest levels seen since Nov. 18, 2020.

Tesla shares are down more than 54% this year, putting the company on pace for its worst year on record.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 14, 2022 13:04 ET (18:04 GMT)

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