Tesla’s stock value has plummeted, resulting in a $116 billion loss for CEO Elon Musk. Despite this significant drop, Musk remains the richest person in the world. The company’s sales have declined by 13% in the first three months of the year, with deliveries totaling 336,681 globally. The decline is attributed to fierce competition from other electric vehicle makers and a backlash against Musk’s right-wing politics and his role in the Trump administration.
Tesla faces stiff competition from China’s BYD, which offers improved models. Critics argue that Musk’s diversion of focus to government work has negatively impacted Tesla’s performance. Investors have called for Musk’s attention to be redirected back to running the company. The situation has sparked protests at Tesla showrooms in the US and Europe, with sales declining in both regions.
Analysts predict a disappointing first-quarter earnings report for Tesla, which could further impact investor confidence. Dan Ives of Wedbush described the sales results as “a disaster on every metric.” As the situation unfolds, it remains to be seen how Musk will address these challenges and restore consumer trust in the company.
Source: https://www.irishstar.com/news/us-news/elon-musk-tesla-stock-drop-34985517