Tesla (TSLA) stocks have fallen sharply after the company reported a quarter of its financial results without a shine and Musk warned about a “difficult quarter” next year. As the market approached its end on Thursday, shares in the EV maker fell more than 8%. To bring even more concern to the minds of TSLA investors, Musk has announced a new business venture. That is, it will bring back the Vine social media platform.
On Thursday morning, Tech Stalwart, CEO of Tesla (TSLA) posted to X, “We’re getting Vine back, but in AI format.” That 8-word post – he hasn’t explained in detail yet, but he has driven away the whirlwind of speculation. When Musk announced a new venture in the past, it affected TSLA stocks, for better or worse. Tesla stocks tend to rise when ventures are linked to existing companies. However, stocks became a huge hit when he decided to pursue politics and joined Donald Trump’s presidential administration.
Tesla collapses after Musk announces the return of a potential grape
Vine was one of the most popular social media platforms of the time, setting the stage for future short-term content to be seen today on Tiktok, Reels and YouTube shorts. The mask announcement has not come out of the blue as he has previously floated a grape revival. A few days after confirming the acquisition of Twitter in 2022, he launched “Bring Back Vine?” The polls have received overwhelming support. axios Musk’s team reported that by the end of the year they were “working on a reboot of Vine.” And earlier this year, Musk said he was “examined” about retrieving the grapes as a ban on Tiktok.
Rumors have begun to swirl that X (formerly Twitter), a social platform that Musk purchased in 2022, could have some integration with a potential grape revival. However, the representatives of X have not confirmed anything yet.
On Wednesday, Tesla said revenues fell 12% and profits fell 16% in the April-June quarter. Many future buyers have been turned off by Musk’s advance into right-wing politics, with competition increasing in major markets such as Europe and China. Its latest revenue report has seen stocks fall sharply, and it takes a lot of time for the decline to end.
