Tesla stock tanks to its lowest, Musk blames macroeconomic conditions

Tesla's stock has plunged dramatically since Musk bought Twitter in April this year. Tesla shares are down more than 60 per cent since then

IANSUpdated: Wednesday, December 21, 2022, 12:19 PM IST
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Elon Musk | Image credit: Wikipedia

Electric car company Tesla's shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk again blamed global macroeconomic conditions on Wednesday.

Tesla's stock has plunged dramatically since Musk bought Twitter in April this year. Tesla shares are down more than 60 per cent since then, as Musk is busy micro-managing daily affairs at Twitter.

Tesla bull Ross Gerber tweeted: "Tesla stock price now reflects the value of having no CEO. Great job tesla BOD - Time for a shake up. $tsla."

Musk replied: "As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop."

Gerber further said that "Tesla needs a media and comms team; Tesla needs a succession plan as well as clarify when Elon will be back from twitter; Tesla needs to communicate about Elon's stock sales and a stand still agreement should be made".

As Tesla stocks bleed amid heavy losses, Elon Musk last week blamed the Federal Reserve for the current situation, saying his electric car company is doing better than ever.

The falling Tesla shares have hit Musk's net worth which fell to $174 billion, taking him to the second spot at the world's richest person's list, toppled by French fashion and cosmetics magnate Bernard Arnault.

Musk saw his net worth tumble by more than $100 billion in 2022.

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