With Elon Musk selling billions in Tesla shares and investors questioning his focus, the car company's stock has shed more than $700 billion in value.
At the start of 2022, Tesla ranked as one of the world's most valuable companies, with a market cap of $1.2 trillion. Its CEO, Elon Musk, was the wealthiest person on the planet, with his ownership stake in Tesla giving him a net worth of $300 billion, along with winning the admiration of many devoted investors.
As the year draws to a close, some of those investors are questioning his judgment and his commitment to the pioneering electric car company. Their disenchantment centers on Musk's October purchase of Twitter for $44 billion, which has consumed the billionaire's attention as well as weighed on Tesla shares.
Investors now feel abandoned by Musk, Dan Ives, an analyst at Wedbush Securities who covers Tesla, told CBS MoneyWatch."For investors, the clock has struck 12 — frustration has massively built, and Musk appears to be doubling-down, not backing away.
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