Tesla (NASDAQ:TSLA) traded nearly 10% lower on Friday morning, after Chief Accounting Officer Dave Morton unexpectedly resigned.
Having started the position one month ago, Morton cited higher then expected public attention as his reason for leaving the company. “I have no disagreements with Tesla’s leadership or its financial reporting,” he explained in a written statement.
Yet this is part of a longer trail of departing executives including the Chief HR Officer, who left last month.
The announcement came on the heels of CEO Elon Musk’s appearance on “The Joe Rogan Experience,” during which he appeared to smoke a marijuana cigarette. Musk also came equipped with a signature Boring Company flamethrower.
In analyzing the market cycles for TSLA, we can see that Tesla’s stock price is continuing in the declining phase of its current cycle. It will continue to face downside risk for most of September.
Our target was $272, and as it has now broken that support, our new stock price target is $224-$244. Tesla is on our Riskiest for 2018 list.
Tesla (TSLA) Stock Chart with Weekly Bars
Twitter: @askslim
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