Cruel December for Tesla stock continues
Tesla stock is have a bad yearand a very bad December so far.
Shares of the EV maker have fallen 18% this month, according to data from Yahoo Financeand reduced by more than 50% until 2022.
Shares fell 1% in premarket trading on Wednesday and The company’s bookmark is still one of the most visited on Yahoo Finance as fans of the brand become more and more passionate.
Analysts point to several factors behind the staggering drop in Tesla’s indestructible share price.
First, the risk of operational errors at Tesla increased when Elon Musk focus on the newest company in his portfolio, Twitter.
Second, concerns remain around Tesla’s production problems and sales speed in China amid the uncertain approach to COVID-19 policies.
And finally, compete in the electric vehicle space in the U.S. only strengthened this year — raising the risk of slowing growth for Tesla in 2023 and beyond.
“Musk has gone from superhero to Tesla stock to being evil in the eyes of the Street as the overhang grows with each tweet,” said Dan Ives, CEO of Wedbush, a speculator. bulls of Tesla, who removed Tesla stock from Wedbush’s best ideas list in mid-November amid the Twitter drama, tell Yahoo Finance.
The stock price drop has also led to Musk derogatory as the richest person in the world for LVMH Founder, Bernard Arnault, according to the Bloomberg Billionaires Index.
All that said, as shown in the image below, Tesla still has the upper hand over other companies that prioritize electric vehicles.
Brian Sozzi is an editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and more LinkedIn.
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