Elon Musk’s company fell from fifth to ninth place on the S&P 500 index, ahead of oil producer Exxon Mobil Corp.
American electric vehicle manufacturer Tesla Inc. ending the month, quarter and year with the worst stock performance in its history. MarketWatch reported this.
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As of December 20, the company’s securities fell 8.1% to $141.8 per share. In terms of capitalization, the company dropped to ninth place in the S&P 500 index, leaving behind oil producer Exxon Mobil Corp.
Since the beginning of December, Tesla’s quotes have fallen more than 29%, surpassing the record monthly decline of 25% in December 2010.
Tesla’s market value fell 48% in the fourth quarter after falling 37.5% in the second quarter of this year.
In 2022, the company’s shares fell by 60.9%.
Analysts at Evercore lowered their price target for Tesla shares to $200 from $300 per share, indicating that Musk isn’t done selling the company’s shares.
“If you bought Tesla shares two years ago, you would be in the red,” the experts added.
Earlier in December, Musk sold $3.58 billion worth of shares in Tesla Inc. Analysts believe this is due to the purchase of Twitter Inc.’s entrepreneur.
Tesla shares have fallen nearly 40% since the end of September
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.