Elon Musk’s Tesla continues to suffer from a share price plummeting like a rock, with the company reportedly headed for its worst month, quarter, and year on record ever.
CNBC reports that on Tuesday, Tesla’s stock decline intensified as the shares closed down by 11 percent. The electric vehicle company, run by new Twitter owner Elon Musk, is nearing the end of its worst month, quarter, and year on record. In 2022, Tesla has beaten Facebook (now known as Meta) to achieve the dubious honor of being the worst-performing stock this year among the most valuable tech companies.
Elon Musk, chairman and chief executive officer of Tesla Motors Photographer: Daniel Acker/Bloomberg via Getty Images
Tesla’s latest stock price came shortly after the publication of a report from the Wall Street Journal which stated that Tesla will extend a temporary suspension of production at its Shanghai factory due to an alleged surge of coronavirus cases among its Chinese employees. According to Reuters, when the Tesla factory in Shanghai resumes operations in January, it will only be open for a period of 17 days.
Tesla’s stock has experienced a massive decline, with a drop of 73 percent from its all-time high in November 2021. In 2022, the company’s shares have decreased by 69 percent, a far greater drop than the Nasdaq’s general decline. Among major automobile manufacturers, Ford’s stock has fallen by 46 percent and General Motors has seen a decrease of 43 perfect. Prior to this year, the only other time Tesla’s stock has fallen was in 2016, with a drop of 11 percent.
Twitter is reportedly losing a significant amount of money, and Musk has been selling large amounts of Tesla stock. In mid-December, filings showed that Elon Musk sold approximately 22 million shares of Tesla, worth around $3.6 billion, despite stating earlier in the year that he had “no further TSLA sales planned” after April 28.
Breitbart News previously reported that many long-time Tesla investors and Musk fans have taken issue with the billionaire recently, accusing him of focusing too much of his time on Twitter and ignoring issues at Tesla. Long-time Tesla bull Ross Gerber tweeted that the stock price was being affected by the company having “no CEO” implying Musk was distracted with Twitter.
Gerber has since launched an informal campaign to have fellow shareholders vote to appoint him to Tesla’s board of directors, where he presumably hopes to affect some change within the company.
Read more at CNBC here.
