Tesla shares are at a level not seen since November 2020, hurting Elon Musk’s fortunes.
After several months of soaring, Tesla is lagging on the stock market. That success story The US market, which accelerated during the pandemic and the resulting technical rally, has taken a serious hit in recent months. Tesla’s stock is now at its lowest level in two years.
While still worth more than $400 a year earlier, on December 13, 2022 the stock fell below $160 for the first time since November 2020. The spiral doesn’t seem to want to stop. The electric car maker’s valuation, which was around $1.3 trillion at its peak, has currently fallen to around $500 billion. At the same time, the big three German car manufacturers Volkswagen, Mercedes-Benz and BMW are only worth a total of 215 billion USD. Tesla’s stock market decline should therefore be put into perspective.
Tesla’s fall is also felt in the company’s boss Elon Musk’s assets: the billionaire has fallen in the rankings among the super-rich and is “only” second on the Bloomberg Billionaires and Forbes rankings behind Bernard Arnault. According to Bloomberg estimates, Elon Musk’s fortune fell by more than $100 billion to $163.6 billion. This decline in 12 months is related to the decline in the stock market value of Tesla and the takeover of Twitter.
Elon Musk’s chaos
Elon Musk has had his hands on Twitter for weeks. He has since taken over the management of Tesla and made many important decisions, including laying off more than half of the platform’s employees.
One wonders how much Elon Musk’s public image and, more importantly, his behavior in the Twitter takeover contributed to Tesla’s slowdown. Could Elon Musk seriously damage Tesla’s reputation? He waved the risk of bankruptcy, he publicly attacked Tim Cook and decided on his own to restore Donald Trump’s account. Recently, Twitter even suspended the account that tracks the routes of Elon Musk’s private jets, illustrating its variable geometry approach to moderation.
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