Elon Musk emails employees, Tesla shares fall to two-year low Business News

Tesla shares have fallen to their lowest value in more than two years as the electric carmaker plans to shorten production cycles and as investors worry about how much time Elon Musk spends managing Twitter.

Musk sends an email tesla Staff told them not to “get caught up in the crazy stock market” and that in the long run, Tesla would become the most valuable company on earth.

“Please give your all in the next few days and volunteer as much as possible to help. This will make a real difference!” he said in an email.

“By the way, don’t get caught up in the madness in the stock market. If we continue to outperform, the market will recognize it,” he said.

“In the long run, I strongly believe that Tesla will become the most valuable company on earth!”

$720bn (£599bn) was wiped off the car company’s market value – and Tesla shares could be bought at $108.71 (£90.45) per share on Wednesday afternoon, the lowest since August 2020 points, down from its peak or $407.36 (£338.93) per share in November 2021.

Shares are down 70% for the year, putting it on track to be among the five biggest losers in the S&P 500 index of 500 largest public companies in the United States.

While the value of U.S. stocks falls in 2022, the benchmark loss is 20%, and Tesla’s stock losses far exceed that.

Musk halted legal action over the number of alleged bot accounts on the site and closed the deal for an estimated $44bn (£36.6bn) in October, when he took over the social media company. company. During his tenure, the site cut thousands of jobs and overhauled its functions.

Investors worry the acquisition is taking too much of the world former richest manattention when he gets into character Twitter CEO.

Tesla’s fortunes have been mixed as it plans to slow production at its Shanghai factory, but profits continue to grow, recording a $3.3bn (£2.74bn) profit in its latest earnings report for the third quarter of 2022.

The plant will go into the Lunar New Year with an extended shutdown, extending the shutdown experienced this month, Reuters reported.

It’s not the first time output has been slow as a manufacturer output target missed In the third quarter of this year, despite building a record number of cars.

Given the surge in COVID-19 cases across China, where some Tesla factories are located, production is expected to take time to ramp up.

The company also predicted in its latest earnings report that battery supply chain constraints will be the main factor hindering the growth of the electric vehicle market in the medium to long term.

In addition to slowing production, investors share the concerns of traditional automakers about weakening demand and increased competition in the EV market switch to electric Production.

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