Elon Musk seems to be spending much time on Twitter lately. However, Tesla stock is currently seeing its worst decline since it first went public in 2010. Since peaking in November 2021, the manufacturer of electric vehicles’ stock has lost over 62% of its value. It includes a loss of about 22% in December.
According to Compound Capital statistics from Yahoo Finance, the most recent decline was worse than the 60.6% plummet Tesla had over one month from February to March 2020. Moreover, the fall was the preceding worst loss ever.
In addition to Musk’s role at Twitter, which some investors have said is harming Tesla’s stock price. The company is also dealing with manufacturing challenges in China amid uncertain COVID-19 reopening plans.
Musk has also blamed the Federal Reserve for his company’s $600 billion market value decline this year. The CEO said through Twitter that Tesla is operating more effectively than ever. Moreover, the stock market has become less tempting to investors due to the US central bank’s aggressive rate hike campaign.
Tesla stocks saw an increase when Elon Musk asked the Twitter user if they wanted him to “step down”
In addition, rivals are closing in despite Tesla’s long-standing supremacy in the EV market. According to a November S&P Global Mobility report, Tesla has a 65% market share of all EVs registered. The shares were through the first nine months of 2022, which is still dominant but is down from 79% in 2020.
Tesla is executing better than ever!
We don’t control the Federal Reserve.
That is the real problem here.
— Elon Musk (@elonmusk) December 16, 2022
Tesla stock increased on Monday after Musk on Sunday asked Twitter users if they wanted him to leave his position as Twitter CEO. More than half of those polled supported leaving.
According to Stephanie Brinley, associate director for AutoIntelligence at S&P Global Mobility, Tesla vehicle sales still have a positive outlook despite falling share prices. However, Brinley cautioned, “Before you feel too bad for Tesla, remember that the brand will continue to see unit sales growth, even as share declines.” “The EV market in 2022 is a Tesla market, and it will continue to be, so long as its competitors are bound by production capacity.”
Two California-based employees of Tesla are alleged to have been fired for participating in a group that discussed and sent letters that were critical of CEO Elon Musk’s rigorous return-to-office rules and Musk’s tweets.
The policy of requiring all employees to report to work. It was implemented at the end of May, was questioned in one draught letter to Tesla leadership. Another person claimed that Musk’s comments were against Tesla’s anti-harassment policy.
