Tesla shares recorded their worst week since the beginning of Corona in March 2020. And they lost $ 85 billion in their market value due to investor doubts about the future of the electric car maker. Which is headed by billionaire Elon Musk. CEO of Twitter at the same time. According to what was published by Al-Hurra TV.
Its shares closed on Friday. at its lowest level in more than two years. This led to a decrease in its market value to less than $ 400 billion. The stock has lost 18 percent this week, according to the Financial Times.
The pressure on Tesla stock has increased in recent months due to heavy selling. Musk made to fund his $44 billion acquisition of Twitter. In addition to growing concerns about the sales outlook for its cars.
Tesla stock fell. Thursday. by 9 percent. After it said it would offer US consumers $7,500 in discounts on two of its best-selling models. An announcement that raised concerns about consumer demand. According to the newspaper.
And after that. Musk promised via Twitter that he would not sell any more stakes in it for at least a year. He said he was also open to the idea of buying back these shares.
He sold Musk, who recently descended from the position of the richest man in the world. Nearly $23 billion in stock since he announced his $44 billion acquisition of Twitter. Despite his promise in April to stop doing so. He has sold stakes in Tesla three times. This angered major investors, who felt Musk was abandoning the automaker to focus on his new company. Twitter.
The year 2022 will remain engraved in Elon’s memory, even if he tries to forget some of its details and events. As much as this year was full of many successes he achieved. It was also stormy for him because of the financial losses he suffered and the legal battles he fought. According to a Reuters report.