Funviralpark (Reuters) – Tesla (TSLA.O) shares rallied Thursday on fears of waning demand for electric cars and CEO Elon Musk’s Twitter distractions. We are on track for the worst moon ever.
Shares fell nearly 10% on Thursday after the automaker’s website showed it was offering a $7,500 discount on Model 3 and Model Y electric vehicles delivered in the U.S. this month, ending September 2020. This is the lowest level since then.
Tesla’s stock fell 36% so far in December, marking its worst monthly performance ever. By comparison, Tesla shares fell 22% in March 2020 when the coronavirus pandemic sent financial markets into a tailspin.
Musk’s $44 billion acquisition of Twitter in October has been confusing and controversial, with some investors wondering if the billionaire is too distracted to run Tesla properly. questioning. Musk has also sold $40 billion worth of Tesla stock this year and worries investors can sell more to keep his Twitter alive, adding to the pressure on the stock. there is
Additionally, Tesla said in October that it did not expect to meet its delivery targets this year, with analysts worried rising interest rates and a weak economy could reduce demand. increase.
Tesla’s stock price exceeded $600 billion when it joined the S&P 500 (.SPX) in December 2020, making it the sixth most valuable U.S. public company at the time. Since then, its market cap has shrunk to about $400 billion and is now Wall Street’s eighth most valuable company, just behind ExxonMobil Corp. (XOM.N) and Tencent Holding Co. (0700.HK). ).
Tesla’s stock recently traded against Volkswagen (VOWG_p.DE), Toyota (7203.T), Hyundai (005380.KS), General Motors (GM.N), Ford Motor (FN) and BMW (BMWG.DE). shares rose for the first time in over a year, marking a major reversal after the stock surged nearly 2,000% from 2018 to 2021 highs. Tesla remains the top-selling electric vehicle.
Refinitiv data show that the median analyst price target now suggests the market capitalization will be just over $800 billion, up from $1.1 trillion in April, amid growing analyst concerns about Tesla. I’m here.
Reported by Noel Landewicz.Edited by Richard Chan
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