U.S. Tesla shares plunge 70% since the beginning of the year, blowing away the market capitalization of three Toyota companies.

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Last Updated on 12/29/2022 by てんしょく飯

 

Tesla’s U.S. stock price is plummeting, plunging 11.4% in trading on December 27 (local). It has fallen 69.93% since the beginning of the year. Market capitalization fell to $341.8 billion ($45.7 trillion) from $1.136 trillion ($138.6 trillion) at the beginning of the year.

 

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This is causing concern among investors.

The decline in market capitalization amounted to about $800 billion (¥106.27 trillion), meaning that the market capitalization of approximately three Toyota companies, the second largest automaker by market capitalization, declined in one year.

 

Tesla’s stock price is at a two-year low, sparking investor concern that CEO Elon Musk is spending too much time running Twitter and that he has sold Tesla shares in April, August, November, and December, despite saying he had no plans to sell.

 

Most recently, there have been reports that the company is considering a temporary halt of production at its Chinese plant, raising concerns about a slowdown in demand. In addition, the company is offering discounts of $7,500 (approx. 990,000 yen) on its mainstay Model 3 and Model Y in the U.S., which confirms its poor performance.

 

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