Tesla’s Wall Street Fortunes Plummet By Two-Thirds Since Elon Musk’s Twitter Takeover
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Tesla's
Elon Musk, After its shares fell 11% in one session on Tuesday. Tesla was eliminated from the top 10 businesses of a significant US stock index. Tuesday was Tesla’s longest losing run since 2018. It was the company’s seventh day.
Tesla’s stock price decline is attributed to Elon Musk’s decision to cease production at the company’s Shanghai factory and claims of decreased output at its primary production facilities. Tesla investors needed to be more impressed by rumors that the company was giving Americans a $7500 discount on its two most popular models, in addition to indicators of slow demand.
Tesla’s 69% value has been lost by the end of 2022 due to Elon Musk’s control over Twitter. According to reports, investors have been uneasy due to Musk’s linked online activities.
“Despite the stock’s performance, Tesla’s innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best,” reported, citing Canaccord Genuity analyst George Gianarikas’ note last week.
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