Tesla’s Stock Price Hits a Multi-Year Low – Rolling Stone

Tesla has lost more than $800 billion in market value in the past year – a decline fueled by Musk’s botched work on Twitter

You’re hereshare price fell to $110.55 on Tuesday, its lowest price since September 2020, and the drop in shareholder value could represent the company’s worst performance since its public market debut.

Although the value of Tesla shares hit a 52-week high of $402.67 in March, the 9-month decline cost more than 800 billion in market value in the last year. Electric vehicle company underperforms depressed tech sector market, which is down 40.8% since the start of the yearby almost 30 points, and hitting multi-year lows almost daily. In mid-December, Musk sold more than $3 billion in Tesla stockadding the sale to the more than $40 billion in shares he has unloaded this year.

If the bearish year experienced by tech companies wasn’t enough to worry Tesla investors, Musk’s tumultuous acquisition of Twitter sent confidence in the billionaire’s ability to successfully manage both companies down the drain. The gravity of the situation is, in fact, to sink.

Leading investors in Tesla pleaded with Musk to refocus on his flagship company and appoint a successor to handle Twitter’s day-to-day operations. After poll twitter users over whether or not he should remain in charge of Twitter – and being completely rejected by voters – Musk has announced that he will step down as CEO of Twitter as soon as he finds a suitable replacement. No progress on this front has been announced.

Tendency

Despite Musk’s virtual full-time dedication to running Twitter at Tesla’s expense, both companies are suffering from his split attention. Musk issued a series of executive orders on content moderation that backfired dramatically, including arbitrariness ban on journalistspenalizing promoting other social media accounts, and the launch of Twitter blue as a paid verification service that artificially boosts subscriber content over that of non-paying users. The resulting chaos caused Twitter to lose more than half of its top advertisersand the platform is bracing for a potential barrage of lawsuits from former employees, unpaid sellersand even international government bodies.

Earlier this month, Tesla investor Joe Cirincion accused musk of “killing the company with his antics,” but Tesla’s collapse in financial value may cause Musk to inadvertently kill two birds with one stone.

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