Tesla is among the S&P 500's biggest losers this year, & most of its meteoric pandemic gains have been all but wiped out.
Tesla is a company that designs and manufactures electric vehicles, energy storage systems, and solar panels. It was founded in 2003 by entrepreneur Elon Musk and has become one of the most well-known and successful companies in the field of electric and renewable energy.
Tesla is headquartered in Palo Alto, California, and has operations around the world. The company has disrupted the traditional automotive and energy industries and has become a leader in the development and adoption of renewable energy technologies.
However, Markets don't like Elon Musk's acquisition of Twitter, and that has led to a fair fall in the stock this year.
Tesla shares have lost 50%, whereas the Nasdaq 100 has only lost 3% since Musk's $44 billion acquisition of Twitter at the end of October.
In addition, Musk has raised funds for his acquisition of Twitter by selling billions of shares of Tesla stock. As Tesla's decline continues, Elon Musk's net worth drops by more than $130 billion in 2022.
Tesla has lost 68% so far this year due to investors' concerns that Musk may be too busy running multiple businesses.
Based on Tuesday's trading session for Tesla stock, an estimated $7 billion to $8 billion will be knocked out of Musk's wealth as a result of the stock's near 10% sell-off. That would bring his total loss of wealth for the year to date to approximately $140 billion.
Concerns about an economic recession in 2023, which would likely limit Tesla's sales growth, and higher interest rates, which make growth stocks like Tesla less appealing to investors, are two additional factors that are hurting Tesla stock.
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