Tesla stock ends its worst year ever with a 65% loss in 2022, wiping out more than $700 billion in market capitalization
- Tesla stocks are on track for their worst year on record transactions in The year 2022 is coming to an end.
- The stock has lost about 65% since the start of the year.
- CEO Elon Musk has faced pressure from investors over his preoccupation with Twitter.
Tesla stock rallied on Friday, the last trading day of 2022, but is on track to close the worst year in the company’s history.
The stock has lost about 65% since the start of the year, which equates to a loss of more than $700 billion in market value.
Investors have sounded the alarm about slowing vehicle demand and production, sluggish market share in the… ChinaThe Fed raises interest rates and CEO Elon Musk takes over Twitter.
The sell-off in Tesla stock has outstripped the losses of major indexes including the tech-heavy S&P 500 and Nasdaq, which are down 19% and 33% for the year, respectively.
But Musk, who has also seen his personal net worth decline along with Tesla stock, has tried to ignore the carnage.
“Don’t worry too much about stock market the craziness. As we demonstrate consistently excellent performance, the market will recognize it,” he told Tesla employees in a text message earlier this week.
After hitting an all-time high in November 2021, the stock started to trend down. But much of the stock’s decline has occurred since Musk completed his takeover of Twitter, where he also serves as CEO, in October.
A major shift also occurred that month at Tesla, reversing expectations that the company would increase production by 50%.
Since then, investors and analysts have expressed growing concern that Twitter is taking away from Musk’s focus on Tesla with his politicized tweets also hurting the public. electric vehicle manufacturer’s trademark.