Electric vehicle manufacturer Tesla appears to be hardest hit as the technology sector continues to struggle with its deteriorating financial situation.
Elon Musk, the company’s chief Twit, has seen its stock price plummet until 2022. Musk, who owns a sizable chunk of Tesla stock, has seen his personal wealth decline by £110 billion. However, that is insignificant in light of the decline in the company’s overall value.
From their record high in November 2021, Tesla’s shares have dropped 73%, and the stock has dropped 69% just this year. The corporation has lost an astounding $800 billion (£661 billion), despite having a value of $1.2 trillion at the beginning of the year.
It’s important to note that other automakers are struggling as well. Ford’s stock is down 46%, and General Motors’ is down 43%, but all of those declines are insignificant in light of Tesla’s decline.
What is happening with Tesla, then?
It might be simple to blame Musk directly. Many Tesla shareholders are concerned that his obsession with acquiring Twitter has diverted his attention from leading the EV company.
Since Elon Musk, the CEO of Tesla, took control of Twitter. The company’s worth has plummeted, according to Antoine Argouges, CEO and Founder of Tulipshare. It’s time for shareholders to take action. According to his performance, which shows how the Tesla Board has failed to hold Musk accountable.
Musk may bear some of the responsibility for regular investors receiving the short shrift, but it is not the whole picture. First off, due to price changes in the US, used Teslas in particular aren’t being sold as frequently as they formerly were.
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