Tesla is set to have its worst year EVER as car firm’s share price slumps by 70% in 13 months

Tesla is on track for its worst year on record, with the electric carmaker’s share price falling 70 percent in the past 13 months.

Tesla investors seem to be growing weary of the 24-hour Twitter chaos since Elon Musk bought the company earlier this year.

They claim the acquisition and the subsequent chaos that saw Musk take a hands-on approach to running the social media network distracted him from running the innovative electric car company and severely damaged its finances.

Tesla’s stock price hit an all-time high of more than $414 in November 2021. Since then, it has plunged 70 percent to $123.15 as of Friday and shares have fallen another 1 percent.

Shares held at a high $380 through April 1, the last trading day before Musk revealed he was buying Twitter shares.

Tesla shares are down 69% for the year, which could mark its worst annual performance since it went public in 2010.

Since then, the company has lost nearly two-thirds of its value, at a time when rival automakers are cutting back on Tesla’s dominant share of electric vehicle sales.

Tesla’s shares are down 69 percent so far this year, in what could be its worst annual performance since it went public in 2010, as investors worry Twitter is eating up too much of the billionaire’s time.

This week, Tesla increased the discounts it offers on its two best-selling models, a clear indication that demand for its electric vehicles is slowing.

The Texas company began offering a $3,750 incentive on its Model 3 sedan and Model Y SUV on its website earlier this month, but on Wednesday doubled the discount to $7,500 for those who take delivery between now and December 31. December.

The rare discounts follow a series of price hikes in recent years by Tesla, which it blamed on supply chain disruption and inflation.

Dan Ives, an analyst at Wedbush, said: “This is a sign of cracks in demand and not a good sign for Tesla heading towards the end of the year in December.” GO [electric vehicle] Competition is increasing across the board, and Tesla is seeing some demand headwinds.”

Musk dumped $2.58 billion worth of Tesla shares last week and has sold nearly $23 billion worth of shares in his car company since April, when he began building a foothold on Twitter.

Tesla is facing its worst year on record, with its stock price falling 70% in the past 13 months.

The Model Y SUV, one of Tesla’s best-selling cars, is being offered at a steep discount through the end of 2021

Tesla stock price fell off a cliff after the company cut prices in the US again

A significant portion of those profits went to help finance his $44 billion acquisition of the social media company, which has been marked by chaos since he took office.

Hundreds of billions of dollars have been wiped from the value of his 13.42 percent stake, and he is no longer the richest man in the world.

Hundreds of billions of dollars have been wiped from the value of his 13.42 percent stake, and he is no longer the richest man in the world.

Tesla’s sale came as global markets plunged into the red as hopes of a pre-Christmas Santa rally faded.

On Friday, Musk said he will not sell any more Tesla shares for 18 months or longer in an apparent attempt to comfort shareholders who have seen the shares lose nearly half their value since the CEO bought Twitter in October.

“I will not sell any stock for 18 to 24 months,” Musk said during an audio-only group chat on Twitter Spaces.

In terms of Musk’s involvement with Twitter, it had already been suggested that he intended to run the firm only temporarily and told a court last month that he planned to find someone else to do the main job.

Warning that Twitter had been “on the fast track to bankruptcy since May,” he tweeted: “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive.”

Tesla investors appear to be growing weary of the 24/7 Twitter chaos that they say has distracted eccentric CEO Elon Musk from the electric car company, which was the main source of his wealth.

His brief time in charge has been mired in controversy, including firing half of the company’s staff and allowing banned users like Donald Trump back on the site.

The latest furor was caused by the ban on users promoting links to other social media platforms, such as Facebook and Instagram. Within 24 hours, Musk reversed the decision and apologized, saying that any “major policy changes” would be put to a public vote from now on.

The first of these appears to have been asking his 122 million followers last Sunday whether he should step down as CEO.

When it became clear where the survey was headed, Musk tweeted: “As the saying goes, be careful what you wish for as you just might get it.” Those who want power are the least deserving of it.’

The Tesla and SpaceX mogul has obeyed Twitter polls in the past and is fond of quoting the phrase “vox populi, vox dei,” Latin for “the voice of the people is the voice of God.”

The poll came a week after Musk fell to second place on a Forbes list of the world’s richest people as Tesla’s share price continued to slide.

The end of the assembly line where a quality control inspection takes place at Tesla Motors in California’s only large-scale automobile manufacturing plant