VillageA Financial Times report indicated that the market value of Elon Musk’s Tesla company fell by $85 billion in the past week and is now worth less than $400 billion.
The report noted that as of close of trading on Dec. 23, shares of the electric vehicle maker fell to a record low in two years and traded as high as $123.15.
According to the report, the decline comes from Musk’s announcement to sell stocks to buy the social network ‘Twitter’. Also, investors are concerned about the prospects for auto sales. This is due to the offer of $7,500 discounts on two of the most sought-after Tesla models in the United States.
Source: FNA
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