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Tesla’s stock plunged 9% on Tuesday and is poised to end 2022 on a harsh note after losing more than 70% of its value this year.
why it matters: Investors are expressing dissatisfaction with Elon Musk by punishing Tesla shares.
- Meanwhile, Tesla faces challenges with the slowdown in the global economy, with problems reported in its largest market, China.
News promotion: Tesla’s market snowballed as the crash of blue chip and technology stocks and the failure of the traditional year-end “Santa Claus” rally took place, sending the stock down for the seventh straight day.
zoom out: During the pandemic, Tesla was seemingly able to enter the exclusive club of over $1 trillion companies. A relentless bear market, colluding with concerns about distracted Musk and a weakening environment across electric vehicles, is shaving billions of dollars from Tesla’s market cap.
conspiracy: Musk is actively looking for a full-time CEO to helm Twitter as the house Elon built appears to be on fire and the billionaire’s own net worth suffers as a result of polarizing . However, a specific timetable has not yet been revealed.
what they say: “Musk has stepped up to Tesla’s leadership position at a time when investors are in need of a CEO at a time when Tesla is slashing prices and inventories are starting to build globally in the face of a possible global recession. It’s seen as “hands-on” from a point of view. Good luck navigating through this Category 5 storm,” Dan Ives, a veteran tech analyst at Wedbush, wrote in a research note on Tuesday.
Conclusion: Everyone, including loyal Tesla investors, is wondering where the bottom is.
