Worst month, worst quarter, and worst year ever - Tesla stock updated its low from the summer of 2020
Tesla shares continue to fall even though Elon Musk announced that he would not sell his securities until 2024.
Here's What We Know
December was the worst month in history for the U.S. car maker's stock. In four weeks, the value of the securities has fallen 44%. In the last three months, the price has fallen 59%, so the fourth quarter of 2022 is also the worst in history.
But that's not all. All of 2022 is the worst year for Tesla in terms of share price. The company's stock has fallen 72% in the past year, reaching its lowest level since August 2020. Shares of other automakers are also not growing, but the decline is not as dramatic. For example, General Motors is down 43% and Ford is down 46% since the beginning of the year.
One of the reasons for the unfavorable situation, in which Tesla got into, is that Elon Musk got carried away by the social network Twitter. He acquired it several months ago. The day before, Reuters learned that Tesla's largest plant in Shanghai, which had been closed for the time being, will work only 17 days in January 2023. This caused Tesla's share price to drop by 11.41%.
The U.S. company's year-end stock price has only fallen once in its history. It happened in 2016, when Tesla securities fell 11%.