Tesla's stock has experienced a significant decline since the presidential election, primarily due to investor concerns over CEO Elon Musk's focus on politics rather than business performance. The company's shares fell 8 percent recently, following a 50 percent drop in European sales, despite a surge in the overall EV market. Investors are alarmed at Musk's political activities and aggressive cost-cutting measures, leading to questions about Tesla's strategy in a competitive market. This decline has also affected Musk's wealth, given that much of it is tied up in Tesla stock.
Investors have grown concerned that Mr. Musk is spending too much time in Washington while Tesla sales plummet, leading to a significant decline in stock value.
The decline in Tesla's shares threatens Mr. Musk's status as the richest person in the world since much of his wealth is tied to Tesla stock.
Tesla shares closed at $302.80, down 37 percent from a peak of $479.86, with a catastrophic decline of 50 percent in European sales reported.
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