Businessnewshubb
Advertisement
  • Home
  • World
  • Business News
  • Markets
  • Startup
  • Contact Us
No Result
View All Result
  • Home
  • World
  • Business News
  • Markets
  • Startup
  • Contact Us
No Result
View All Result
Businessnewshubb
No Result
View All Result
Home World

Elon Musk’s Tesla overtakes Meta to become the worst-performing valuable tech stock of 2022

January 4, 2023


Electric car maker Tesla is ending the year on a bump after its shares fell to the lowest in two years, beating Meta to become the worst-performing stock in 2022 of the most valuable tech companies.

It comes as Elon Musk sold off about $23 billion (€21 billion) worth of Tesla stock this year to finance his Twitter purchase and faces investor backlash for spending too much time on the social media company.

Shares in Tesla fell 11 per cent on Tuesday, which totals a drop of 73 per cent from their record high in November 2023.

Musk said on Twitter Spaces on December 22 that he would stop selling Tesla stock for 18 to 24 months.

In a debate with a Tesla shareholder, Musk blamed the company’s declining share price on Federal Reserve rate hikes, tweeting that “people will increasingly move their money out of stocks into cash, thus causing stocks to drop”.

Meanwhile, Tesla will run a reduced production schedule in Shanghai, according to an internal document seen by Reuters. The company did not say why it would slow down production.

It comes as Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December.

Tesla’s latest production cuts at Shanghai come amid a rising wave of infections after China stepped back from its zero-COVID policy earlier this month. That move has been welcomed by businesses, although it has disrupted manufacturing operations outside Tesla.

Like other automakers, Tesla has also faced downturned demand in China, the world’s largest auto market. Earlier this month, Tesla offered an additional incentive for buyers taking possession of vehicles in December.

The company has cut prices for Model 3 and Model Y cars by up to 9 per cent in China, in addition to a subsidy for insurance costs.



Source link

Previous Post

2023 tech predictions: AI writers, testing crypto times and ‘be ready’ for EU Big Tech regulation

Next Post

FTX customers file class action lawsuit against the failed crypto exchange and former top execs

Next Post

FTX customers file class action lawsuit against the failed crypto exchange and former top execs

SOL up 15%, as Bullish Sentiment Continues to Rise – Market Updates Bitcoin News

Sebi Asks Oyo To Refile the Draft IPO Papers With Updates

Token.com's metaverse subsidiary acquires NFT minting platform CocoNFT

Harman's driver monitoring system can measure your heart rate • TechCrunch

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Can 4 activist investors play nice in the Salesforce sandbox? • TechCrunch

by admin
February 3, 2023

Salesforce finds itself in a rather unusual situation, with four activist investors operating inside the company at the same time:...

Shopify invests in US-based e-commerce analytics aggregator Triple Whale

by admin
February 3, 2023

Triple Whale helps Shopify merchants unify business metrics into one dashboard. Shopify has made an investment into United States-based Triple...

DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case – Bitcoin News

by admin
February 3, 2023

Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S....

Apple, Google and Amazon post disappointing results as tech giants face gloomy economic outlook

by admin
February 3, 2023

Apple, Amazon and Alphabet all posted disappointing quarterly results this week, while Facebook parent Meta bucked the gloomy trend in...

business-news-hubb-white

© 2022 Business News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Categories

  • Home
  • World
  • Business News
  • Markets
  • Startup
  • Contact Us

Newsletter Sign Up.

No Result
View All Result
  • Home
  • World
  • Business News
  • Markets
  • Startup
  • Contact Us

© 2022 Business News Hubb All rights reserved.