GGPI Stock News: Gores Guggenheim slumps as Musk antics drag EV sector lower

GGPI Stock News: Gores Guggenheim slumps as Musk antics drag EV sector lower

  • NASDAQ:GGPI fell by 0.59% during Thursday’s trading session.
  • The Polestar 2 receives a solid review from Tom’s Guide.
  • Tesla tumbles after Musk makes a bid to buy Twitter.

NASDAQ:GGPI traded lower in the last abbreviated session before the markets closed for the Easter long weekend. On Thursday, shares of GGPI dipped by 0.59% and closed the trading week at $11.89. The pre-merger SPAC stock eked out a positive week, but higher inflation has caused further downward selling pressure on the NASDAQ which fell by 2.63% for the week. To close the week, the Dow Jones dropped by 113 basis points, and the S&P 500 and NASDAQ both fell by 1.21% and 2.14% respectively during the session.

Stay up to speed with hot stocks’ news!

The flagship Polestar 2 model has been selling well back in Europe, and the popular automotive site, Tom’s Guide, just gave it a solid review. The car received 4 out of 5 stars, and was praised for its looks, dynamic driving, and integrated Android OS. Unfortunately the 277 mile range was not ideal and is fairly average for the current EV market. The model made headlines a couple of weeks ago when the car rental company, Hertz, committed to 65,000 of the vehicles over the next five years. Polestar joined Tesla (NASDAQ:TSLA) in Hertz’s reimagined electric vehicle fleet.

GGPI stock forecast

GGPI Stock

Speaking of Tesla, shares of the EV industry leader were plummeting on Thursday after its CEO Elon Musk made a bid to buy the social media platform, Twitter (NYSE:TWTR). While the bid will likely be rejected according to early reports, Tesla investors are probably still concerned that Musk is being distracted by other projects. He already has SpaceX and the Boring Company on his plate as well so Musk certainly has his hands full already. Shares of Tesla were down by 3.66% on Thursday.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Leave a Comment

Your email address will not be published. Required fields are marked *