The stock of Tesla recently closed 11% on Tuesday as the sell-off accelerated. The worst-performing share among the highest-valued tech firms in 2022 will be Elon Musk’s electro-car company, which is just days away from finishing its worst month, quarter, and year ever. The stock has passed Meta. Tesla share price plunge knocks market. Tesla’s Tuesday closing price was $109.10.
Em, whatβs happening with @Teslaβs Board of Directors? Fiduciary duty anyone πππ?
Tesla stock continues to crater as Elon Musk goes further down Twitter rabbit hole https://t.co/sNsL6suT2O
β Ioannis Ioannou πͺπΊ (@iioannoulbs) December 27, 2022
Nasdaq – Tesla
The Wall Street Journal stated that Tesla might extend a week-long business shut-down at its Shanghai factory. It is due to a recent influx of Covid among its Chinese staff, which is why the stock price has recently dropped and Tesla share price plunge knocks off the market. Tesla’s Shanghai facility will reopen in January for just 17 days, breaking its usual schedule. Since reaching a historical level in November 2021, Tesla stock has dropped by 73%. In 2022, Tesla stock crash by 69%, which is more than two times as much as the NASDAQ. Ford is dropped by 46%, and General Motors is down by 43% among the big automakers.
$TSLA has moved past $META to become the worst-performing stock in 2022 among the most valuable tech companies. https://t.co/jKmzFRpgeG
β Evan Rosenfeld (@Evan_Rosenfeld) December 28, 2022
What About Tesla Stock After Tesla Share Price Plunge Knocks Market
Musk is selling large volumes of Tesla stock as Twitter is losing money. He reportedly sold extra 22 million Tesla shares in mid-December for a whole transaction value of about $3.6 billion. On social media platform, earlier this year, Musk informed that there would be no additional TSLA sales scheduled after April 28. Elon Musk declared on Twitter Spaces on December 22 that he would not sell shares for 18 to 24 months following his stock sale. In a Twitter exchange with a Tesla stakeholder, he claimed that people would progressively move their investments out of equities into cash. However, Tesla share price plunge knocks market due to the Fed Reserve raising interest rates.
Investors have not significantly been alleviated by his statements. As per FactSet, transaction volume on Tuesday exceeded 201 million shares, the second-highest day of the calendar year after December 22. Since December 13, Tesla’s best five swing trades by turnover have all occurred. Since it never previously dropped more than 25% in a month, Tesla’s December decline of 44% represents by far its worst month ever. Tesla plunge billion off market value this time. Additionally, the stock has fallen 59% in the fourth quarter, worse than the 38% Tesla stock drop it saw in the second quarter of this year which had already been its worst quarter in history.
Tesla’s Increased Discount
Tesla this week increased its discounts for purchasers of its Model 3 and Model Y electric automobiles in North America. These reductions followed incentives the carmaker had arranged earlier in mainland China for December vehicle sales. Tesla stakeholders want Musk to re-double his attempts to stabilize the firm that makes up the largest portion of his fortune. As per Forbes, Musk gave up his position as the world’s wealthiest person to LVMH chair and CEO Bernard Arnault earlier this month due to Tesla share price plunge knocks market.
