Elon Musk

Tesla’s shares are at their lowest level last 2 years

Kathmandu: The shares of Elon Musk’s automobile company Tesla, which is the richest country in the world, have fallen to the lowest level in two years. On Tuesday, Tesla shares fell $14.05, or 11.41 percent, to $109.10.

As the stock fell, Musk’s net worth also fell by $8.9 billion to $137.6 billion. Indian businessman Gautam Adani now trails Musk by just $12 billion.

According to a Reuters report, Tesla plans to reduce production at its Shanghai plant in January. According to the report, Tesla will produce for 17 days between January 3 and January 19 and will stop production of electric vehicles from January 20 to January 31 due to Chinese New Year. Due to the release of this news, the share price has seen a huge decline.

In November 2021, Tesla’s shares fell by 73% from their record high. In 2022, this stock is down 69%. This is only the second time that Tesla’s shares have fallen since the IPO in 2010. Earlier in 2016, the shares of this company fell by 11%. The shares of Ford, another major car manufacturing company, decreased by 46 percent and the shares of General Motors decreased by 43%.

After the Twitter deal, Musk is selling a large number of Tesla shares to meet the need for cash. According to a December report, Musk sold an additional 22 million Tesla shares worth $3.6 billion. According to experts, if that amount was used in Tesla instead of unrelated diversification, the company would have become stronger in the economic downturn.