MOSCOW (Pakistan Point News / Sputnik - 31st December, 2022) US electric car maker Tesla experienced its worst annual stock decline of 65% in 2022, the Wall Street Journal reported.
According to the media, Tesla stock fell 65% from the start of the year, or over $700 billion in market value, despite the company's shares trading 1.12% up by the end of the 2022 last trading session on Friday.
On December 29, CNBC reported, citing a company-wide email, that Tesla CEO Elon Musk told his employees that there was no need to be bothered by a slump in the electric vehicle maker's shares, which were down 42% in December.
In June, Musk reportedly asked the company's management to cut about 10% of staff for economic reasons.
In late October, Musk finalized the $44 billion acquisition of Twitter. Media reported that the fall in the value of Tesla shares could be explained by investors' fears that Musk would pay more attention to the social network, which would negatively affect his carmaking business.
