Shift Technologies Inc
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Consumer Discretionary : Specialty Retail | Small Cap Blend
Company profile

Shift Technologies, Inc. is an end-to-end e-commerce platform transforming the used car industry with a technology-driven customer experience. Its segments include Retail and Wholesale. The Retail segment represents retail sales of used vehicles through the Company's e-commerce platform and fees earned on sales of value-added products associated with those vehicles sales, such as vehicle service contracts, guaranteed asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler (DTW). It provides technology-driven solutions throughout the car ownership lifecycle. It operates approximately nine vehicle inventory inspection, reconditioning and storage centers, with six spanning the West Coast from San Diego to Seattle and three new facilities in Austin, San Antonio and Dallas, Texas. It conducts its business through its wholly owned subsidiaries.

Closing Price
Day's Change
0.1945 (28.90%)
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(Heavy Day)

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Tesla stock gains more than 5% after Elon Musk tweets Twitter deal is 'temporarily on hold'

11:31 am ET May 13, 2022 (MarketWatch)

By Marketwatch

Tesla stock snaps two-day losing streak

Tesla Inc. stock rose more than 5% on Friday after news that Chief Executive Elon Musk has put the Twitter Inc. deal "temporarily on hold."

Friday's gains were taking some of the sting from earlier declines that bring Tesla's (TSLA) weekly losses to more than 11%.

The stock was on track for its biggest one-day percentage gain since March 28, when it rose 8%, getting a boost from news about the opening of Tesla's factory in Berlin, Germany.

Tesla shares were down about 22% from when Musk announced his intention to buy the social-media company (TWTR) in mid-April.

Earlier Friday, Musk tweeted that the deal was on hold for now while he looks into fake accounts He later tweeted that he was "still committed" to deal.

See also:Tesla asks for more time to file proxy, foiling hopes of fresh look into Musk's holdings

"Musk has less net worth to finance a gamble like acquiring Twitter," said David Trainer, chief executive of investment research firm New Constructs.

"The Musk/Twitter saga is a warning sign for Tesla shareholders," Trainer said.

Read more:Musk's bid to end SEC settlement deal over Tesla tweets is denied

Tesla stock has fallen 27% this year, compared with a loss of around 16% for the S&P 500 index. It's down about 37% from its record closing high of 1,229.91 on Nov. 4.



(END) Dow Jones Newswires

May 13, 2022 11:31 ET (15:31 GMT)

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