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Home Artificial Intelligence

Tesla Stock Down 49% From All-time High

TND Newsdesk by TND Newsdesk
May 25, 2022
in Artificial Intelligence, Auto Tech, Companies, Development, Digital Transformation, Today's News
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Tesla shares fell 7% to $628 on Thursday, pushing the automaker’s stock down nearly 49% from its all-time high in November wiping more than $30 billion from its market cap.

The decline began after Tesla CEO Elon Musk suggested he would sell about 10% of his stake in November to acquire Twitter. Also, “the worst supply chain crisis seen in modern history” which threatened the company’s production in highly profitable China has contributed to the decline.

Tesla’s stock decline has forced analysts to lower their profit forecasts for the company, with Daiwa analyst Jairam Nathan lowering his price target for Tesla shares from $1,500 to $800 on Monday.

Nathan said the COVID lockdowns in Shanghai, where Tesla operates its Gigafactory, and supply problems affecting its plants in Austin and Berlin will push earnings lower than previously expected.

He also predicts deliveries will drop by 180,000 vehicles, meaning Tesla will deliver 1.2 million vehicles this year instead of the 1.4 million expected.

Tesla investors have expressed concern about the Twitter deal, with some saying the deal could distract Musk from properly overseeing Tesla. According to Wedbush analyst Dan Ives, “Tesla investor patience is wearing very thin.” He noted that there are signs that Musk may be lowering his offer because of concerns about bots on Twitter.

The sources for this piece include an article in Forbes.

Tags: TeslaTwitter

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