Experts blame Elon Musk’s management style at Twitter for the electric carmaker’s financial problems
voted for him to step down. Experts say his erratic behavior has undermined confidence in Tesla, with shares down 73% from November 2021.shares drop 11.4%, also followed a Reuters report that the company was planning to run a reduced production schedule in January at its Shanghai plant. That news sparked worries of a drop in demand in the world’s biggest car market, amid a rising number of Covid-19 infections in China.
“There’s no question there are demand fears,” Great Hill Capital chairman Thomas Hayes said, citing a delivery forecast cut from Chinese rival Nio in the key market. Hayes also added that Tesla’s stock was facing a “perfect storm” of high interest rates, tax-loss selling and share sales by some funds that hold a significant amount of Tesla stock.
Tax-loss selling is when an investor sells an asset at a capital loss to lower or eliminate the capital gain realized by other investments for income tax purposes.
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