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).
Social media platforms are often flooded with unverified information, and many people use their news feeds as their main source of news. But Snap is working to set itself apart as it partners with global news outlets to launch Dynamic Stories. Vetted news content will be available for users on the Discovery tab, and news outlets will have an easy way to push content out and reach more people. Alan Wolk, Co-Founder and Lead Analyst at TVREV, joins Closing Bell to discuss Snap's push into news, how it will monetize clicks, whether or not another social media site will imitate the feature, and more.
"New Collar" is a recent term coined for tech jobs that don’t necessarily require a degree but do need a specified technological skillset. Matt Calkins, CEO at cloud-computing and software company Appian, joined Cheddar News to discuss the latest. "This new collar movement is about switching the track you’re on and getting out to a higher value track, making the most of your skills," he said.
Ice Cube's 3-on-3 basketball league, the Big3, is introducing decentralized team ownership to fans with the chance to own a minority stake in the 12 teams through blockchain technology, a first for professional sports. The rapper, actor, and filmmaker joined Cheddar News to talk about the new ownership model using NFTs. "This is a perfect time to offer it to fans and not just wait for fat cats to come and want to buy the teams but for fans to be able to be a part of it,” he said.
