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Tesla shares recorded their worst week since the start of Corona in March 2020, and lost $85 billion of their market value due to investor doubts about the future of the electric car company led by billionaire Elon Musk. at the same time CEO of Twitter.
Shares of Tesla closed on Friday at their lowest level in more than two years, which led to a decline in its market value to less than $400 billion. The stock has lost 18% this week, according to the paper Financial Times.
Pressure on Tesla stock has increased in recent months due to Musk’s massive sell-off to fund his $44 billion takeover of Twitter, as well as growing concerns over the auto sales outlook.
Shares of Tesla fell 9% on Thursday after it said it would offer American consumers $7,500 discounts on two of its best-selling models, an announcement that raised concerns about consumer demand, according to the paper.
Subsequently, Musk promised via Twitter that he would not sell any more shares in Tesla for at least a year. He said he is also open to the idea of buying back these shares.
Musk, who recently fell from the position of the world’s richest man, has sold nearly $23 billion in stock since announcing his $44 billion takeover of Twitter. Although he promised in April to stop doing it, he has sold his shares of Tesla three times. This angered major investors, who felt Musk was ditching the automaker to focus on his new company, Twitter.
The year 2022 will remain etched in Musk’s memory, even if he tries to forget some of its details and events. As successful as this year has been, it has also been a turbulent one for him due to the financial losses he has suffered and the legal battles he has fought, according to a report by Reuters.
And as the Tesla and SpaceX CEO wrapped up 2022 with notable accomplishments, from spearheading strong global expansion for Tesla to supporting the Ukrainian resistance in the face of a Russian invasion, everyone was focused on the tweets. of Musk and what he would do to change the Twitter platform, according to the agency.
Twitter matters, and what it lacks in size, revenue, or ambition it makes up for in clout and clout. The communications platform has outgrown the scale and continues to be the social media platform of choice for world and industry leaders, game changers and the media, according to Reuters.
Musk tweeted in October, saying, “Freedom of expression is the cornerstone of a functioning democracy, and Twitter is the digital arena where issues vital to humanity’s future are debated.” This belief has come under severe pressure. In recent days he has temporarily suspended the accounts of journalists from the New York Times, the Washington Post and CNN.
And Forbes has announced that billionaire Elon Musk, owner of Twitter and Tesla, lost the title of world’s richest man in early December after he incurred heavy debt to buy the major social media company and sell shares in the company. electric car company to fund $44 billion Twitter deal.
And Musk announced Tuesday night that he would step down as Twitter’s chairmanship as soon as he found a “person crazy enough” to take his place, indicating he would then take over management of the platform’s “software and servers teams.” “.
Musk said in a tweet: “I will step down as CEO as soon as I find someone crazy enough to take the job,” in a situation in which he appeared to adhere to the outcome of the referendum he launched on the platform , in which most part of Twitter users supported his resignation from his position in the giant communication group.
The billionaire asked Twitter users on Sunday whether he should step down as head of the social networking site.
