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Tesla Under Pressure After NYT Drug Allegations Against Musk – But What Does the Market Tell Us?

A weekend exposé by The New York Times titled “Musk’s Drug Use On Campaign Trail Stoked Concerns” has reignited scrutiny over Elon Musk’s personal habits, reporting that the Tesla and SpaceX CEO frequently travels with a box containing an assortment of drugs, including ketamine, Adderall, MDMA, and psychedelic mushrooms. While Musk has previously stated his ketamine use is medicinal and minimal – aimed at managing depression – the NYT report, citing multiple sources, suggests more extensive and frequent use. Importantly, these are allegations, and there is no confirmed proof that such drug use occurred as described.

Musk responded defiantly on X (formerly Twitter), pushing back against what he called a media smear campaign, arguing that the real focus should be on his accomplishments and companies’ performance. He also reasserted his skepticism about traditional therapy and framed his medical choices as personal and within his rights.

At ForexLive – soon to become investingLive.com – our role isn’t just to highlight headline news. It’s to offer you an edge. We filter, analyze, and frame the news in ways that connect to your portfolio, your trading strategies, and your decision-making across forex, stocks, and broader capital markets. And sometimes, the biggest insight doesn’t come from what’s said, but from what the market does.

Let’s look at the final four hours of Friday’s trading. Tesla closed the day down 3.34%, a sizable drop. But here’s the key: while the Nasdaq 100 futures (NQ) didn’t exactly finish the day bullish, they managed to rise 0.93% in that same late-session window. Even more telling, Nasdaq outperformed Tesla by 1.21% over those final hours.

That kind of relative underperformance at the weekly close – when institutions often reposition – isn’t trivial. It suggests that even as the broader tech sector found late-session bids, Tesla remained under sustained selling pressure. That divergence may indicate the news is being taken seriously by larger players.

We often see wild headlines that spark heated debate – one expert says X, another says Y. What cuts through the noise is price action. And right now, it’s hinting that this controversy might be more consequential than it seems on the surface.

So what’s next? Pre-market activity on Monday will be crucial. A decisive push lower could accelerate losses. On the other hand, if Tesla continues downward momentum, a move toward $320 (about +7.5% from Friday’s close) remains technically plausible – but only if buyers reappear with conviction.

We’ll be watching that junction carefully – and so should you. Have a strong trading week. Trade TSLA stock at your own risk.

This article was written by Itai Levitan at www.forexlive.com.

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