Tesla, the largest EV maker in the world, is going through a rough patch, as the investors don’t seem to put a lot of faith in the company led by the richest man on Earth, Elon Musk.
The company ended the month of January with abysmally low sales numbers. Most importantly, it performed poorly in Europe and other territories, where EV sales are usually strong, case in point, the US state of California.
In addition, as per the latest number, Tesla China EV sales for the month of February dipped by 51 per cent.
Tesla Shares In Decline
This appears to have impacted the company’s prospects at the equity markets as well.
The company shares had a topsy-turvy day as the company shares hot crests and trough. After reaching the day high of USD 284.35, it quickly declined to 272.04 at the end of the day.
The stocks declined by 4.43 per cent or USD 12.61 in the latest trading session on Tuesday, March 5.
In the larger picture, things don’t look that rosy either, as the company shares have depleted in value by a cumulative 30.64 per cent or USD 120.17 per piece, in just the past month of trade at NYSE.
Tesla, which is one of the ‘Magnificent Seven’ companies of the Wall Street, has also seen an automatic decline in its ranking amongst the largest companies globally, in terms of market capitalisation.
Elon Musk is Distracted
As per recent data, the company dropped two places to number 11 with a cumulative market cap of USD 875.02 billion, much lower than its high of over USD 1.3 trillion.
This comes at a time, when it is being increasingly observed that Elon Musk, the company’s CEO, has been overtly involved in domestic US and global right-wing politics while playing little to no ‘visible’ attention to Tesla, which is his biggest source of wealth.
His role in further polarisation of the political landscape has been notable.
This has also brought his net worth down from USD 390 billion mark to the most recent USD 347.7 billion mark.
