Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Rubio: 'Very short window', maybe days, for Hamas to accept deal
Al Mayadeen correspondent to southern Lebanon: Israeli warplanes launched a raid on the Ksar Zaatar neighborhood in western Nabatieh.
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City

Twitter's Musk blamed for Tesla's lowest drop in shares in two years

  • By Al Mayadeen English
  • Source: News websites
  • 28 Dec 2022 15:33
4 Min Read

While investors throw partial blame on Musk's transfer to Twitter, Musk weighed in by placing blame on the skyrocketing interest rates caused by the Federal Reserve.

  • x
  • Elon Musk and one of the Tesla cars (Investopedia)
    Elon Musk and one of the Tesla cars (Investopedia)

Tesla shares have fallen to their lowest for the first time in two years as Tesla's stock said goodbye to more than half of its value since October. This has left investors concerned that Musk has replaced his efforts in Tesla with Twitter.

This comes after Musk asked Twitter users if he should step down as CEO of the social media platform, with the majority voting yes, to which he then responded that he would only if he found the 'fool' to take on the job. 

Blame it on the Fed

The drop, which was recorded at 11.4%, was followed by a report published by Reuters about the company's alleged plans for a reduced production schedule in January at its plant in China. Great Hill Capital Chairman Thomas Hayes cited a forecast from Chinese rival Nio in the key market by saying: “There’s no question there are demand fears,” 

He emphasized that the electric car company's stock was enduring a “perfect storm” in light of interest rate hikes, tax-loss selling, and the sale of shares. Tax-loss selling refers to the act in which an investor sells their assets that have decreased in value to offset taxes owed on capital gains by creating a loss. 

Related News

Tesla ordered to pay $243 million in Florida autopilot crash verdict

Musk’s AfD endorsement fuels Tesla backlash in German factory town

On account of that, a Reuters report demonstrated that the prices of used Tesla cars were plunging faster than the prices of other carmakers. While investors have thrown partial blame on Musk's transfer to Twitter, the former CEO weighed in by placing blame on the skyrocketing interest rates caused by the Federal Reserve after having said: “people will increasingly move their money out of stocks into cash, thus causing stocks to drop”.

According to a US Securities and Exchange Commission (SEC) filing in November, Musk sold nearly $4 billion in Tesla shares over a week after he closed his $44 billion purchase of social media giant Twitter. 

Tesla shareholder files against Musk

Looking for ways to pay for the Twitter deal, Musk took on billions of dollars in debt and earlier sold $15.5 billion worth of Tesla shares. He even went on to include an idea to charge verified accounts 8$ a month. 

The SEC indicated that he sold almost 22 million of the electric vehicle company's shares worth almost $3.6 billion from December 12-14, the second large sale since his acquisition of Twitter in October. Musk currently owns more than 423.6 million Tesla stakes, which is equivalent to 13.4% of the company's shares.

Read next: 'Epic Thread!' Elon Musk comments on Medvedev's 2023 'Predictions'

Just last month, the Twitter chief appeared in front of a Delaware court, for the second time since 2021, to defend the $56 billion compensation package he got in 2018, following a lawsuit by Tesla shareholder Richard Tornetta.

Tornetta accused the Tesla CEO of influencing the board of directors to receive the huge pay package while only acting as a "part-time CEO" as the suit mentions that Musk was not devoting his time to Tesla as he runs several companies at once, and has thus asked the court to rescind the package.

The shareholder's attorney, Gregory Varallo, attempted during the hearing to prove that Musk was rewarded the massive sum of money unjustly while accusing the board of directors that they have failed to work in the best interest of the company's shareholders.

  • Tesla
  • Elon Musk
  • Twitter
  • shares

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Nicolas Maduro gestures to supporters during the inauguration of a monument in China's honor on the 80th anniversary of the end of World War II, in Caracas, Venezuela, Wednesday, September 3, 2025 (AP)
Politics

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, Wednesday, Sept. 10, 2025. (AP Photo/Jon Gambrell)
Politics

Netanyahu informed Trump before deadly attack in Doha: Reports

Israeli Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio hold a joint press conference at the Prime Minister's Office, during Rubio's visit, in occupied al-Quds, occupied Palestine, Monday, September 15, 2025 (AP)
Politics

Netanyahu warns of Israeli isolation, calls to boost self-reliance

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide
Politics

Spain axes €700 mln arms deals with 'Israel' over Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS