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Tesla Share Price in China: Big news related to the company of Tesla and Twitter CEO Elon Musk (Tesla and Twitter CEO, Elon Musk) is coming out. Shares of Elon Musk’s electric car maker Tesla (Tesla Share Price) have suffered huge losses in China. Tesla shares have seen a decline for the 7th consecutive day. It is known that this is the first time after the year 2018 when the shares of Tesla company have declined continuously. The company has currently stopped the production of cars in the Chinese factory. Tesla’s market cap has been reduced to $ 345 billion due to the fall in shares.
Tesla shares fall 69 percent
According to a Bloomberg report, the demand for the company’s cars is decreasing in the market. Due to this, Tesla’s stock fell by 11 percent to $ 109.10. This is the biggest fall in this stock in a day after April. Due to this, Musk’s net worth declined by $ 8.80 billion and it remained at $ 130 billion. By the way, Tesla shares have fallen 69 percent this year and Musk’s net worth has decreased by $ 140 billion.
out of the top 10 list
According to media reports, Tesla’s market cap has been reduced to $ 345 billion due to the fall in shares. This is less than Walmart Inc, JP Morgan Chase & Co and Nvidia Group. Also, Tesla has dropped out of the list of top 10 companies in the S&P 500 Index. The company has been in this prestigious club continuously since December 2020.
This is the reason
This year the company’s market cap has declined by $ 720 billion. The reason behind this is that Musk was so engrossed in Twitter that he forgot his electric car company Tesla. Due to this, there was a huge fall in Tesla’s shares. According to experts, the fall in Tesla’s shares is an indication that the company’s problem is much deeper.
Offers given in year end sale
For the first time the company has announced the year end sale. The company is offering two types of special discounts for customers who take delivery before the end of the year. Earlier the company had announced a discount of $3,750 and has now increased it to $7,500. Demand is decreasing in the market of China and America. Also Tesla is facing challenge from many other companies.
This is the second biggest reason
Another biggest reason for the decline in Tesla’s shares is coming to the fore. America’s economy may be in the grip of recession next year. This will affect the sale of cars. Musk had said that in 2023 America’s economy could get stuck in recession. At the beginning of this year, the valuation of the company reached above one trillion dollars. Its valuation was then more than the combined valuation of the world’s 12 largest auto companies, its sales are nowhere near those of any of these companies.
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