Elon Musk.Associated Press
Tesla shares are now down 62% from their peak in November 2021. This is more than the 60.6% plunge Tesla experienced in February-March 2020 according to data compiled and compiled by Yahoo. Many Tesla investors view Musk’s Twitter behavior as a distraction.
Tesla stock is experiencing its worst sell-off since 2010 when it was first listed on public markets.
The shares of electric-vehicle manufacturer are down 62% from their peak in November 2021 and more than 22% in December.
This slump is more severe than the 60.6% plunge Tesla experienced in a month-long stretch from February to March 2020. That was according to Compound Capital data, compiled by Yahoo Finance.
Musk’s involvement in Twitter has been criticized by shareholders as damaging Tesla’s stock prices. However, there are also manufacturing headwinds facing Tesla in China due to uncertain COVID-19 plans.
Musk has also cited the Federal Reserve as the reason for Musk’s $600 Billion plunge in market value for his auto company this year.
Twitter statement by the CEO: The aggressive rate-hiking campaign of the US central banks has made the stock markets less attractive to investors. However, Tesla is performing better than ever.
–Elon Musk (@elonmusk), December 16, 2022
Despite Tesla’s long-standing dominance of the EV market, there are now many competitors. According to a November S&P Global Mobility report, Tesla still holds a dominant 65% market share for all EVs registered in the first nine months 2022. However, that’s down from 79% by 2020.
Tesla shares rose Monday morning after Musk’s Sunday Twitter poll asking people if they want him to resign as CEO of Twitter. More than half of those surveyed supported a departure.
According to Stephanie Brinley, an associate director of AutoIntelligence at S&P Global Mobility, Tesla vehicle sales are still strong despite falling share prices.
Brinley stated that Tesla will see its share drop, but unit sales will continue to grow. “The EV market of 2022 will be a Tesla market. It will remain so long as its rivals are limited by their production capacity.”
Business Insider has the original article.
—————————————————————————————————————————————
By: prosen@insider.com (Phil Rosen)
Title: Tesla stock is stuck in its worst sell-off since the company went public in 2010
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-elon-musk-worst-sell-off-public-ev-twitter-2022-12
Published Date: Mon, 19 Dec 2022 15:12:59 +0000
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