Posted on Dec 27, 2022
Tesla Stock Tumble Obliterates Half of Meteoric 2020 Rally
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Alt-right: Twitter less woke under Elon Musk’s leadership in 2022
Investors: Tesla shares losing value under Elon Musk’s leadership in 2022
Investors: Tesla shares losing value under Elon Musk’s leadership in 2022
Tesla Stock Tumble Obliterates Half of Meteoric 2020 Rally
Posted from finance.yahoo.com
Tesla Motors
Stock Market
Chief Executive Officer (CEO)
Posted >1 y ago
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LTC Eugene Chu
"Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase & Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it had held since joining the benchmark in December 2020.
News of reduced output in Shanghai comes on the heels of last week’s report that Tesla was offering US consumers a $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.
“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimated revenue growth “is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.
Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show."...
"Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase & Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it had held since joining the benchmark in December 2020.
News of reduced output in Shanghai comes on the heels of last week’s report that Tesla was offering US consumers a $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.
“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimated revenue growth “is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.
Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show."...
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