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Tesla Loses Almost $700 Billion of Market Value in Just 12-Months
As first reported by Yahoo Finance, Tesla has lost more than $670 Billion in market value after it plunged from more than $1.2 trillion to $530 billion in the last 12 months. In relative terms, that’s roughly two Metas, three Disneys, four Nikes, or the entire value of Berkshire Hathaway in value.
The news is shocking, however, hardly surprising given that Tesla was once valued higher than every car company on earth combined despite selling nearly 2 million fewer cars than GM. And while profits have risen considerably in recent months, the brand’s future is teetering on the brink with court filings in California labelling the technology as nothing more than false advertising.
While Musk continues to distract himself by scaring away advertisers on Twitter, competition is increasing in the EV space. Volkswagen, Audi, Polestar, and even smaller manufacturers such as Rivian and Lucid are proving Tesla’s technology is no longer head and shoulders above its peers – let’s not forget Tesla relies solely on camera technology, no Lidar.
Related: Crypto Billionaire Sam Bankman-Fried Has Nearly Lost His Entire Fortune
“Serving as a distraction, Elon’s $44 Billion takeover of Twitter has flown a red flag for his management style” | Twitter
Serving as a distraction, Elon’s $44 Billion takeover of Twitter has flown a red flag for his management style. The Conversation details Musk’s “extremely hardcore” style of management recalling his recent mismanagement of employees, including the laying off of around 3,700 employees (roughly half of the workforce), stopping employees from working from home, and cancelling employee lunches.
This took a turn for the worst on November 17th, 2022, when Musk sent an email to staff asking for a commitment to a self-described “extremely hardcore” Twitter that “will mean working long hours at a high intensity”.
In the email, employees were given less than 24 hours to respond, or take a severance package. So many employees ended up leaving (around 500 staff reportedly said goodbye) that Twitter locked all staff out of the office until the following Monday.
Investors at all ends of the market are hesitant to spend, dumping Tesla amidst inflation and a cost of living crisis. And while Elon Musk continues to incessantly remind investors that Tesla’s record profits are going to happen in the future, his marketing spiel is beginning to fall on deaf ears.
It’s becoming increasingly clear that we’re years away from full self-driving capabilities, the Tesla Cybertruck may never happen, and the Tesla Roadster is but a pipe dream. No amount of ‘affordable’ Tesla Model 2 news has done enough to shift the stock price and with Elon preoccupied with Twitter, it’s not hard to see how Tesla has lost more than $670 Billion in market value.
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Ben McKimm
Ben lives in Sydney, Australia. He has a Bachelor's Degree (Media, Technology and the Law) from Macquarie University (2020). Outside of his studies, he has spent the last decade heavily involved in the automotive, technology and fashion world. Turning his passion and expertise into a Journalist position at Man of Many where he continues to write about everything that interests the modern man. Conducting car reviews on both the road and track, hands-on reviews of cutting-edge technology and employing a vast knowledge in the space of fashion and sneakers to his work. One day he hopes to own his own brand.
