Tesla stock has plunged by nearly 50% since late 2021

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Tesla hasn’t been having a good year so far financially, nor has its boss Elon Musk. The EV maker has seen US$558 billion (RM2.45 trillion) wiped off since November last year, and from a market valuation viewpoint is now worth US$663.9 billion (RM2.91 trillion), down more than 45% from a peak of US$1.22 trillion (RM5.35 trillion), Drive reports.

While the slide began last year, much of the losses have been recent, with the company losing around US$342 billion (RM1.5 trillion) in market capitalisation since Musk disclosed his intention to buy Twitter in mid April. The decline is also as a result of multiple internal and external factors, which might have caused jitters amongst investors.

These include unfavourable market conditions, failure to deliver on product timelines as well as lawsuits accusing the company of racial discrimination, among others. While the company’s models accounted for three-quarters of all EVs sold in the US last year, nothing new is on the immediate horizon.

Earlier this year, Musk confirmed that no new models will commence deliveries to customers before the end of 2022. The Cybertruck has been delayed many times and is not expected until next year at the earliest, and the second-gen Roadster is also behind schedule, now due out only in 2023.

While Musk’s bid to buy Twitter hasn’t helped his company’s stock price, neither has allegations made about his conduct. It was reported that Tesla’s share price dropped by 6.4% after claims of sexual misconduct against him emerged, wiping off US$10 billion (RM43.9 billion) of his worth in just a single day last week.

According to the Bloomberg Billionaires Index, he was worth about US$212 billion (RM921.7 billion) last Thursday. After the allegations came out, his wealth dropped to around US$201 billion (RM882.2 billion), Bloomberg reported. Musk has refuted the allegations made against him, calling them “wild accusations” and “utterly untrue.”

Despite this, he remains top of the index, well ahead of Jeff Bezos, who is currently worth around US$130 billion (RM570.7 billion). Additionally, despite the plummeting of its stock price, Tesla remains the world’s most valuable automotive brand, also by a large margin, remaining ahead of Toyota, BYD and Volkswagen, all in order.

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