LOS ANGELES (AP) — Owning Tesla stock this year has been anything but a smooth ride for investors.
Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S&P 500 stocks. By comparison, the benchmark index is down about 20%.
While Tesla has continued to grow its profits, signs of softening demand and heightened competition have investors increasingly worried. And then there’s CEO Elon Musk’s acquisition of Twitter. Some of Musk’s actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter’s advertisers and turned off some users.
That’s stoked concerns on Wall Street that Twitter is taking too much of the billionaire’s attention, and possibly offending loyal Tesla customers.
Musk’s acquisition of Twitter opened up a political firestorm and has caused Musk and Tesla’s brand to deteriorate, leading to a “complete debacle for the stock,” Wedbush analyst Dan Ives wrote in a research note this week.
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Rocky ride: Tesla stock on pace for worst year ever https://t.co/3dOO4N7K6o pic.twitter.com/G7wrakQD5e
— The Hill (@thehill) December 28, 2022
This is what happens when you produce highly flammable cars.
Seriously — I don’t drive, but if I did, I would not buy a Tesla. I rode in one not long ago. Horrible ride. Aren’t there shock absorbers in those vehicles? Every bump caused me pain in the you-know-what. And the owner/driver told me the battery does not hold a charge for long. Where I live, there may be some charging stations closer to the big city, but out in the suburbs or rural areas, there are few to none.
There are now other manufacturers of EVs. If I wanted one, I’d get it somewhere else. Personally though, I’d rather have a gas guzzler.
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