Elon Musk’s OpenAI Offer Adds Pressure on Tesla’s Stock, Already Struggling from Previous Ventures

Elon Musk’s nearly $97 billion bid for OpenAI raises alarms among Tesla shareholders. Tesla’s stock dropped more than 6% on Tuesday after a tough year where automotive revenue fell for the first time. Musk’s previous focus on Twitter led to a significant market cap loss for Tesla in 2022, and some analysts worry his increasing political and business ventures could further hinder Tesla’s performance. Altman countered Musk’s offer by proposing to buy Twitter for over $9 billion, reflecting the platform’s significant decline in market value under Musk.