- Tesla Stocks are pacing for their worst year on record. Trade-in 2022 is over.
- The stock has fallen about 65% since the beginning of the year.
- CEO Elon Musk faces pressure from investors over Twitter interest.
Tesla shares rose on Friday, the final trading day of 2022, capping the worst year in the company’s history.
Stocks are down about 65% year-to-date, with a market capitalization of over $700 billion.
Investors are sounding alarm bells about slowing demand and car production, sluggish market share in China, Fed rate hikes and CEO Elon Musk’s acquisition of Twitter.
Tesla’s sharp decline far outpaced the declines of major indices, including the S&P 500 and the tech-heavy Nasdaq, down 19% and 33%, respectively, over the year.
But Musk tried to shrug off the carnage after seeing his personal net worth plummet along with Tesla stock.
“Don’t worry too much stock market Insanity. If we continue to show good performance, the market will recognize it,” he said in a message to Tesla employees earlier this week.
After hitting an all-time high in November 2021, the share turned downward. But most of the share price decline has come since Musk completed his Twitter acquisition in October, when he also served as CEO.
Big changes also happened at Tesla that month, knocking back hopes that the company would increase production by 50%.
Investors and analysts have since expressed concern that Twitter has sapped Musk’s interest in Tesla and that his political tweets are hurting the EV maker’s brand.
https://www.autoblog.com/2022/12/30/tesla-stock-to-close-out-worst-year-ever-with-a-65-loss-in-2022-wiping-out-more-than-700-billion-in-market-cap/ Tesla Shares End Worst Year Ever With 65% Loss in 2022, Market Cap Exceeds $700 Billion