Funviralpark Tesla lost more than $800 billion in market cap last year — slump boosted by Musk’s sloppy work on Twitter
Tesla stock price On Tuesday, it plummeted to $110.55, its lowest price since September 2020, and the decline in shareholder value could represent the company’s worst performance since its public-market debut.
Tesla’s stock hit a 52-week high of $402.67 in March, but the nine-month decline has pushed the company’s market capitalization past $800 billion last year. The electric car company is down 40.8% year-to-date, down nearly 30 points and trailing the sluggish tech sector market, which has hit multi-year lows almost daily. In mid-December, Musk sold more than $3 billion of his Tesla stake, adding to the sale of more than $40 billion worth of his stake this year.
Even if the bear years experienced by the tech company weren’t enough to unnerve Tesla investors, Musk’s tumultuous Twitter acquisition has given confidence in the billionaire’s ability to successfully manage both companies. In fact, the seriousness of the situation sink in.
A prominent Tesla investor has pleaded with Musk to return his focus to the flagship company and appoint a successor to manage Twitter’s day-to-day operations. After being outright rejected by voters after polling Twitter users on whether he should remain in charge of Twitter, Musk has announced that he will step down as CEO of Twitter as soon as a suitable replacement is found. No progress has been announced.
Despite Musk dedicating virtually full-time to managing Twitter at the expense of Tesla, the two companies have suffered from the division of his attention. It issued a series of executive content moderation orders that backfired spectacularly, including penalties for the promotion of its social media accounts and the launch of Twitter blue as a paid verification service. – Paid users. The resulting turmoil has seen Twitter lose more than half of its top advertisers, and the platform braces for potential lawsuits from former employees, unpaid vendors and even international government agencies. .
Earlier this month, Tesla investor Joe Cyrincione accuse Mr Musk But a collapse in Tesla’s financial value could result in Musk inadvertently killing two birds with one stone.
