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Sada El balad
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Elham AbolFateh
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Mohamed Wadie

Tesla Loses $30 Bln in Market Value

Taarek Refaat by Taarek Refaat
1:30 AM May 26, 2022
Tesla Loses $30 Bln in Market Value
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Tesla shares slumped to an 11-month low of 7% to $628, sending the stock down nearly 49% from its all-time high in November.

The sharp decline in shares has caused a loss of more than $30 billion in Tesla’s market value, which has fallen to $650 billion from a peak of more than $1.2 trillion, according to Forbes.

The stock was touched by Daiwa analyst Jeram Nathan’s view that the COVID-19 shutdown in Shanghai, as well as supply issues affecting the company’s plants in Austin and Berlin, will affect the company’s earnings more than previously expected.

Nathan predicts that the headwinds will reduce deliveries this year by 180,000 vehicles, which means that Tesla will deliver 1.2 million vehicles this year, compared to the 1.4 million units previously expected.

The memo comes a day after Wedbush analyst Dan Ives warned that this week’s Twitter shareholder meeting “this week will create more storms between Musk and the company’s board, raising concerns among Tesla investors that the proposed acquisition could affect Musk’s focus and efforts with the company.” Electric car maker.

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“Tesla investors are running out of patience,” Ives said of the back-and-forth result, and Musk suggested he would cut his bid due to concerns about bots on Twitter, while the company’s board says he won’t change the deal.

Despite the downside, Ark Invest, the New York City investment firm run by famed stock picker Cathy Wood, revealed that it bought $10 million in Tesla stock Tuesday — adding to its stake for the first time since February, less than a week after the stock lost. Its first spot in the flagship Ark box in front of streaming giant Roku.

Tags: #ElonMusk#TelsaTesla Loses $30 Bln in Market Value to 11-month Low

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