Tesla stock surges after Elon Musk says Twitter deal is on hold
Tesla investors are bullish on the news that CEO Elon Musk is putting a pause on his deal with Twitter.
Video Transcript
EMILY MCCORMICK: We want to talk more about what this Twitter deal on pause means for Tesla. And at least for now, Tesla investors are cheering. That stock closed higher by 5.7% today. And for more, we have Yahoo Finance's own Pras Subramanian here in studio. So, Pras, what does this whole mean for Tesla?
PRAS SUBRAMANIAN: You know, Tesla shares gaining sort of a nice relief here, a nice relief rally here, because they had a rough week. And then Elon Musk saying that he's not going to pledge those Tesla shares as collateral for Twitter. So I think that's kind of why we see this nice move in Tesla. But I mean, this whole story, Tesla versus Twitter, Musk involved, it's like, this is the biggest business news story that we can talk about.
And I understand why because it's just so compelling, you know. Musk says he's evaluating this deal, and now he's still committed. Like, what's going on here? I mean, he can't just back out of a Twitter deal. You can't do that. It's like, you can't just pay the billion dollar breakup fee. I mean, that's more of, like, if regulatory people kind of break that up. But you can't just say no to that, right? So he's, more or less, committed. You see Twitter shares right there. [INAUDIBLE] market really is optimistic about it. But hey, you know, it's still a great story. We're talking about it, and Tesla, literally fear for them.
