TESLA STOCK PRICE CRASH

TESLA STOCK  PRICE CRASH.

Elon Musk's  electric car company is days away from closing out its worst month, quarter and year on record .The latest drop comes after The Wall Street Journal reported that Tesla will continue a weeklong production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.

Tesla shares have fallen 71% from their record high in November 2021. For the month of December, Tesla has plunged 44%, by far its worst month ever, as it had never fallen more than 25% in a single month.

Twitter is bleeding cash, and Musk is selling Tesla stock in big chunks. According to filings in mid-December, Musk sold about 22 million more shares of Tesla, which were worth around $3.6 billion, Earlier this year, Musk told his millions of followers on social media that he had "no further TSLA sales planned" after April 28.

After his latest stock sale, Musk said on Twitter Spaces on Dec. 22 that he would not be selling any stock for 18 to 24 months. In a debate with a Tesla shareholder, Musk pinned Tesla’s declining share price on Federal Reserve rate hikes, tweeting that “people will increasingly move their money out of stocks into cash, thus causing stocks to drop.” Many are criticizing musk on Twitter and other platforms.

Meanwhile, on Twitter, Musk has continued to flirt with controversy, welcoming back previously banned users, enabling the continued releases of internal messages related to the company’s past handling of Covid and election-related content, and flip-flopping on policy changes. Companies have paused or suspended paid advertising on the platform

Last week, Tesla expanded discounts in North America for buyers of Model 3 and Model Y electric vehicles. Those discounts came after the automaker offered incentives in mainland China for December auto sales earlier this month.

According to Forbes, Tesla investors want Musk to refocus his efforts on stabilizing the company that accounts for the vast majority of his wealth. Because of the extended sell-off, Musk ceded his title as the world’s richest person earlier this month to LVMH chair and CEO Bernard Arnault.