In the morning, the stock of the electric car maker was down more than 9%. Apple, Amazon, and Meta were all down between 2% and 4%.
The slip comes just a day after the board approved Musk's acquisition of the company, showing some of the stock's decline may be a reflection of investor concerns. Musk has secured $25.5 billion of debt and loans against his stock. He is giving an approximately $21 billion equity commitment.
Despite being the world's richest person, Musk's wealth is tied up in his company's stock and he would likely have to borrow against his holdings to fund the deal.
The investors may be concerned about the distraction from the social networking site. Musk appears to want to heavily influence the company's operations, which could cause a time crunch between his companies. Assuming the deal closes and Musk takes over, he would be in charge of all of them. The Boring Company and Neuralink are two smaller ventures that he owns.
In its first-quarter earnings report on April 20, the company said that it lost about a month of build volume in China because of Co.
Kirkhorn said on the company's earnings call that they were working to get back to full production as quickly as possible.
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