Elon Musk lost nearly twice total value of BMW so far in 2022

Elon Musk says he will keep supporting Dogecoin amid $258 billion lawsuit

Tesla stock closed the week in the red, with Elon Musk posting record daily losses of $11.3 billion, raising questions about whether it is worthwhile to own the stock.

Elon Musk, the world’s richest person, is worth $198 billion.

The 51-year-old South African-born billionaire has seen his fortune fall by around $72.5 billion this year alone, nearly twice the market value of BMW ($47 billion).

With $198 billion in net wealth, he could purchase 2.16 billion barrels of crude oil or 120 million troy ounces of gold. According to a regulatory filing from August 2022, Musk owns around 15% of Tesla.

In what turned out to be a generally bad trading session for the stock market, shares of Tesla fell significantly on Friday to close at $204.99 under intense selling pressure.

The decline in the stock ended a two-day gaining streak. Tesla Inc. is currently trading below its November 4th 52-week high ($414.50).

When compared to some of its competitors, the stock underperformed. General Motors Co. GM, +0.40% increased to $32.89 on Friday, while Toyota Motor Corp. ADR TM, -1.66%, Honda Motor Co. Ltd. ADR HMC, -1.26%, and General Motors Co.

The large stock market gain on Thursday caught investors off guard, but Friday brought more disappointment and realism.

Recent macros included the business’s brand-new Gigafactory facility in Germany; according to a press report, the corporation might not be able to start mass-producing electric battery cells there until 2024 due to issues with a production process. Tesla has great expectations for the facility, and as it grows, its yearly production might approach 500,000 vehicles.

As Tesla works to streamline a supply chain and distribution system that is already experiencing strain, it will be helpful for the site to be able to create all of its essential components in-house rather than relying on other Gigafactories around the globe.

A day after completing a historic turnaround rebound as investors processed inflation predictions, equities declined on Friday, wrapping off a choppy trading week.

The industry leader in electric vehicles has provided investors with enormous gains since 2019, and it even temporarily reached the trillion-dollar mark as it expanded its production capacity to try to keep up with the high demand for its EVs from customers.

Tesla stock was able to evade the harshest effects of the Nasdaq bear market for the majority of 2022, holding up quite well even as other large-cap players in the index saw more severe declines. The weakness of Tesla shares has now surfaced, though, as they have lost about a third of their value in less than a month.

Some investors questioned whether now could be the right moment to take a second look at Tesla after it concluded Friday’s session at less than half its closing high from Nov. 4, 2021.

Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via [email protected]