Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Elon Musk emails staff as Tesla stocks reach two-year low

by December 30, 2022
December 30, 2022
Elon Musk emails staff as Tesla stocks reach two-year low

Tesla stocks have slid to their lowest value in more than two years as the electric car maker plans to reduce its production cycle and investors worry how much time Elon Musk is dedicating to managing Twitter.

Musk emailed Tesla staff telling them not to be “bothered by stock market craziness” and that Tesla will be the most valuable company on Earth in the long term.

“Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!” he said in the email.

“Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognise that,” he said.

“Long-term, I believe very much that Tesla will be the most valuable company on Earth!”

The market value of the car company was wiped out to the tune of $720bn (£599bn) – on Wednesday afternoon Tesla stock could be bought for $108.71 (£90.45) a share, a low not seen since August 2020 and down from a high of $407.36 (£338.93) a share in November 2021.

Over the course of the year the price of a share has declined 70%, setting it on course to be one of the five companies with the biggest losses in the S&P 500 index of 500 large US-listed companies.

While the value of US stocks dropped over 2022, the benchmark loss was 20%, which Tesla’s share losses far outpaced.

Musk took the reins of the social media company in October this year after he halted his legal battle over the alleged number of bot accounts on the site, and completed the deal for roughly $44bn (£36.6bn). His tenure has seen thousands of job cuts and an overhaul of functions on the site.

Investors are concerned that the purchase has taken up too much of the world’s former richest man’s attention as he stepped into the role of Twitter chief executive.

Tesla’s fortunes have been mixed as it has planned to slow down output at its Shanghai factory but continued to grow profit, booking $3.3bn (£2.74bn) of profit in its latest earnings report for the third quarter of 2022.

The plant is to enter an extended lunar new year shutdown, Reuters reported, extending the one experienced this month.

It’s not the first time output will be slow as the maker missed its output targets for the third quarter of this year, despite having built a record number of cars.

Given the surge in COVID-19 cases across China, where some Tesla factories are based, it’s expected production will take time to ramp up.

The company has also predicted, in its latest earnings report, that battery supply chain constraints will be the main factor stopping growth in the electric vehicle market in the medium and long term.

Aside from the slower production, investors are equally concerned about weakened demand and heightened competition in the electric vehicle market as traditional carmakers switch to electric production.

Read more:
Elon Musk emails staff as Tesla stocks reach two-year low

0
FacebookTwitterGoogle +Pinterest
previous post
‘Worst run for house prices since 2008’ as December sees further decline
next post
Covid travel curbs on China are pointless, says vaccine chief

You may also like

Salaries being driven down despite the cost-of-living crisis

September 15, 2022

Utopi enters high-growth phase

July 31, 2023

Cutting-edge projects secure £6.6m investment to strengthen the...

September 13, 2023

What Business Skills Do Lawyers Need in 2025?

December 17, 2024

British workers increasingly likely to work into their...

May 1, 2023

VanceAI Review: Productivity Series Offers Accessibility and Results

March 30, 2023

No 10 food summit ‘no more than a...

May 16, 2023

What does the Quran say about trading?

February 20, 2024

Looking To Grow Your Online Following? Here’s How...

September 12, 2022

Shetland is cut off from mainland as phones...

October 20, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Gen Z workers turn back to office jobs to combat loneliness

      August 25, 2025
    • US jobs market faces ‘Trump slump’ as tariffs and cuts hit growth

      August 25, 2025
    • Royal Mail and DHL suspend US parcel deliveries as Trump tariffs take effect

      August 25, 2025
    • Farmers warn of crisis as poll shows 80% fear for survival and none back Labour

      August 25, 2025
    • TikTok cuts threaten hundreds of UK content moderator jobs amid AI shift

      August 25, 2025
    • Hospitality hit hardest as nearly 90,000 jobs lost after budget tax rises

      August 25, 2025

    Categories

    • Business (8,874)
    • Investing (2,235)
    • Politics (16,476)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved