Tesla shares continue slide with shrinking demand and logistics snags

[marmar]

Tesla shares started 2023 where they left off last year, plunging more than 14% on Tuesday on growing worries about weakening demand and logistical problems that have hampered deliveries for the world’s most valuable automaker.

Once worth more than $1tn, Tesla lost more than 65% in market value in a tumultuous 2022. Tuesday’s slide knocked off nearly $60bn in market value, roughly equal to the valuation of rival Ford, which last year sold three times as many cars as Tesla.

The sell-off came after Tesla missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles.

The company’s stock was the worst performer on the benchmark S&P 500 index on Tuesday as it fell to $105. As of Tuesday morning, it was the second – most traded stock on the US exchanges, with nearly 142m shares changing hands. .............(more)

https://www.theguardian.com/technology/2023/jan/03/tesla-shares-price-value-decline-elon-musk

[bucolic_frolic]

1. People paid for a new Tesla by selling stock in TSLA

Now it's not worth so much, so sales will fall further.

[live love laugh]

2. Cancel culture is a bitch.

[republianmushroom]

3. Tsk Tsk, Elon