Tesla Stock Is on Track for Its Most Dismal Year Ever
Elon Musk’s company is about to record its worst month, quarter and year on record.
Patrick Pleul/Getty
Tesla shareholders continued offloading the once-highly coveted stock on Tuesday as the electric carmaker veered towards its lowest month, quarter and year on record, CNBC reports. The company has struggled to regain its footing as CEO Elon Musk splits his time between SpaceX and Twitter, where he has made a string of haphazard and controversial decisions. The latest Tesla sell-off, spurred by a Wall Street Journal report indicating that the company’s Shanghai factory would pause production due to a recent COVID outbreak, sent the stock plummeting an additional 8 percent, pushing its way past Mark Zuckerberg’s Meta as the worst-performing major tech stock in 2022. Tesla, which started the year off strong at nearly $400 a share, is now selling for almost a quarter of that. The company’s value took a nosedive in December, dropping by 43 percent, despite previous records indicating it had never fallen by more than 25 percent in a single month.
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