The economic recession all over the world, the electric car giant Tesla also affected. Tesla stock, which experienced declines after Elon Musk’s acquisition of Twitter, fell to its lowest point since August 2020. The company also fell to almost a quarter of its peak value of $1.25 trillion.
Tesla’s market value drops to $350 million
Tesla shares, which fell by more than 20 percent last week, started to worry investors and the electric car world. The main reasons for this decline are production disruptions in the company’s factory in China and Elon Musk’s purchase of Twitter.
depreciated since last week Tesla’s market value is $350 billion fell below. This represents a loss of $900 million compared to its value of over $1.23 trillion nearly a year ago. It should also be noted that this loss is more than the combined value of all other automobile manufacturers in the world.
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Even the drop on Tuesday alone reveals the uneasiness of the investors. On December 28, the company’s share price dropped by more than $16, wiping approximately $52 billion from Tesla’s market value.
The fluctuation in the shares of the electric car giant caused it to be one of the top 10 most valuable companies and Elon Musk lost the title of the richest person in the world. Some investors and market analysts even said that Musk may have to make a margin call due to losses.
Besides production delays at Chinese factories and Musk’s focus on Twitter, Tesla is grappling with a new California anti-autonomous driving law. This could knock out one of the company’s biggest leverages.
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