January 02, 2023: -On Tuesday, Tesla’s sell-off intensified, with the stock closing down 11%. Elon Musk’s electric car firm is days away from shutting out its destroying month, quarter and year on record and has moved previous Meta to become the worst-stating stock in 2022 among the most valuable tech firm.
The latest drop comes following The Wall Street Journal report that Tesla would continue a weeklong production halt at its Shanghai facility, which faces a fresh onslaught of Covid cases in its Chinese workforce.
It was stated that when Tesla’s Shanghai plant opens in January, it will do so for nearly 17 days, in a break from Tesla’s stated practices. Shanghai has been battered by a fresh length of Covid infections this month.
Tesla shares have decreased 73% from their record high in November 2021. The stock decreased 69% in 2022, more than double the decline in the Nasdaq. Among significant carmakers, For is down 46%, and General Motors has decreased by 43%. Since its IPO in 2010, Tesla has been falling one after another year, with an 11% drop in 2016.
Twitter bleeds cash, and Musk sells Tesla stock in big chunks. According to filings in mid-December, Musk sold 22 million shares of Tesla, which were worth nearly $3.6 billion. Musk told his millions of people on social media this year that he had “zero further TSLA sales planned” after April 28.
After his recent stock sale, Musk tweeted that Spaces on December 22 would not have any stock for nearly two years. In a debate with a shareholder of Tesla, Musk pinned Tesla’s refusing share price on a Federal Reserve rate increase, tweeting that “people will increasingly move their income out of stocks into cash, causing products to drop.”
His words have done little to alleviate investors. Tesla’s trending trading days by volume have all been from December 13. Trading volume crossed 201 million shares, the second-highest mark, according to FactSet, behind December 22.
For December, Tesla has tumbled 44%, by far its most disappointing month ever, as it had never decreased over 25% in a single month. And in the fourth quarter, the stock decreased 59%, much worse than its 38% drop in the second quarter, which had been its bad period on-trend.
In the previous week, Tesla expanded offers in North America for purchases of Model 3 and Model Y electric cars. Those discounts are coming because the automaker is offering incentives in mainland China for December auto sales.
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