Tesla’s market value is melting

Shares of electric car maker Tesla fell 18 percent to their lowest level since 2020.

Global chip supply problems and coronavirus shutdowns in China are putting automakers in a difficult position.

Tesla, the world’s most popular electric vehicle manufacturer, is currently making plans to downsize.

At the same time, Elon Musk’s acquisition of Twitter caused less interest in Tesla, causing concern among investors.

Tesla shares melt

Shares of electric car maker Tesla fell 18 percent to their lowest level since 2020.

Shares of the company fell to $123.1, resulting in a $85 billion drop in the company’s market value.

tesla

More than $800 billion lost

Currently worth $390 billion, Tesla was worth over $1.2 trillion at the start of 2022.

In addition, Tesla’s share price is negatively affected by Musk’s share sale. The American entrepreneur sold approximately $23 billion worth of Tesla shares in 2022, including those he sold to buy Twitter for $44 billion.

Elon Musk: I won’t sell any more

Tesla CEO Elon Musk said he will not sell any more Tesla shares for about two years.

Musk’s comments came after concerns about softening demand for electric cars arose and Tesla shares fell.

The famous billionaire had previously promised not to sell Tesla shares, and then he did not keep this promise.