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Tesla’s Aura Dims As Its Plunging Stock Highlights The Risks It Faces by wwwihy: 10:42pm On May 20, 2022 |
Investors are reassessing the premise that justified Tesla’s astronomical stock price and made its founder, Elon Musk, the richest person in the world. Tesla’s $1 trillion valuation made sense only if investors believed the electric car company was on a path to dominate the auto industry the way Apple rules smartphones or Amazon commands online retailing. But Tesla’s shares have declined more than 40 percent since April 4 — a much steeper fall than the broad market, vaporizing more than $400 billion in stock market value. And the tumble has called attention to the risks that the company faces. These include increasing competition, a dearth of new products, lawsuits accusing the company of racial discrimination and significant production problems at Tesla’s factory in Shanghai, which it uses to supply Asia and Europe. https://www.nytimes.com/2022/05/20/business/tesla-stock-elon-musk.html
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