Tesla was the worst performing stock in the Cheddar 50 Wednesday, falling more than 7 percent to its lowest level in more than a year.
Shares of the electric automaker were plagued by a downgrade by Moody’s, a crash investigation, and a backlogged production line.
“All those things combined with a skittish technology market...is really weighing on the shares,” explained Efraim Levy, and analyst at CFRA.
On Tuesday, the National Transportation Safety Board announced it is opening an investigation into a fatal car crash involving a Tesla in California last week.
The company hasn’t been able to provide many details about what happened and is still “unclear if automated control system was active at time of crash.” This would be Tesla’s second NTSB investigation in as many years.
Also on Tuesday, Moody’s downgraded Tesla’s credit rating because of a “significant shortfall in the production rate of the company’s Model 3 electric vehicle,” the agency said in a release. This delay may then force the company to seek out extra funding.
However, some experts and investors remain bullish on the carmaker’s long term outlook.
CFRA maintains its hold position on the shares.
“Ultimately, the direction that we’re going is more electrification,” said Levy.
“I would never bet against Elon Musk’s ability to raise capital,” said Frederic Lambert, Editor-in-chief of Electrek. “Historically, he’s been very consistent on that front.”
For the full interview, [click here](https://cheddar.com/videos/cfras-efraim-levy-explains-why-he-maintains-hold-opinion-on-tesla).
AdTheorent just the latest company to go public via a SPAC. The company specializes in digital advertising, using AI and machine learning as a tool to move marketing forward. AdTheorent to close its SPAC merger with MCAP Acquisition today and will trade on the Nasdaq under the ticker symbol ADTH. CEO Jim Lawson spoke with Cheddar ahead of the move.
Although still early in development, blockchain technology, Web3, also known as Web 3.0 has been getting a lot of attention from some top tech names lately. Web3 is based on blockchain technology, which powers NFT’s and cryptocurrencies such as bitcoin. With Web3, users would ideally control their own data, rather than have it be controlled by a few large companies. But, Tesla CEO Elon musk isn't buying into Web3 just yet, tweeting over the weekend that the decentralized iteration of the internet seems more like a marketing "buzzword" right now than reality. Twitter co-founder Jack Dorsey also chiming in to the conversation, expressing doubt over whether or not Web3 would actually be decentralized if ownership still belonged to venture capital firms. Parker McCurley, co-founder & CEO of Decent Labs explains the significance of Web3 catching the eye of the tech giants, and what Web3 could mean for the future of the internet.
Carlo and Baker cover the heartening news on the Covid front ahead of the holiday, plus President Biden punting student loan repayments again, a new space telescope and Love, Hate, Ate: Christmas Eve Eve Edition!
This year's worldwide semiconductor shortage limited the supply of everything from new cars to smartphones; and now, many in the chip industry expect the shortage to continue deep into 2022, and maybe even 2023. Semiconductor senior research analyst for Robert W. Baird & Co., Tristan Gerra, joins Cheddar News' Closing Bell to discuss.
Pavel Bains, the Executive Producer of MixMob and CEO of Bluzelle, joins Cheddar News' Closing Bell to elaborate on an opinion piece he wrote for CoinDesk in which he compares the cultural significance of crypto to hip hop in the 1990s.
Direct health care company Nomi Health recently raised $110 million in a Series A round. Nomi Health lets public and private organizations directly purchase healthcare at reduced costs, and pay providers in real-time. It also delivers healthcare directly to under-served communities via its fleet of mobile care units, which the company says is the largest in the country. Nomi Health says its mission is to improve the health care experience for all Americans. Nomi Health CEO Mark Newman joined Cheddar News' Closing Bell to discuss.
