Tesla stock is currently trading at $112.77.
Shares are down approximately -22.66% in the past 5 trading days and -77% in the past year-to-date.
Trading volume remains healthy despite its yearly downtrend.
Majority of companies have been affected drastically by our current bear market, and Tesla shares have been no exception.
Shareholders want to know, when will Tesla stock rise again?
Let’s discuss what is happening with Tesla as a company first and then assess its probabilities.
Here are the latest Tesla news and updates.
Tesla is Currently Headed Towards its Worst Year
Tesla (TSLA) is currently headed towards its worst month, quarter, and year on record.
Investors continued to sell shares on Tuesday as we saw a drop of more than -8%.
But much of Tesla’s drop in production is out of the company’s control.
The latest drop comes after the Wall Street Journal reported that Tesla will continue a week-long production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.
Tesla shares have fallen over 70% from their record high in November 2021.
The stock is down over 68% in 2022, roughly double the decline in the Nasdaq.
Among major car makers, Ford is down 45% and General Motors has fallen 43%.
Last week, Tesla expanded discounts in North America for buyers of Model 3 and Model Y electric vehicles.
Those discounts came after the automaker offered incentives in mainland China for December auto sales earlier this month.
Elon Musk Sells Tesla Stock
Elon Musk’s newly acquired company Twitter has been losing money after several companies paused or suspended advertising on the social media platform.
In this SEC filing, we see the Tesla CEO has sold approximately 22 million shares equivalent to around $3.6 billion.
After the massive selloff, Elon said during a Twitter space call that he will not sell any Tesla shares for about two years.
The Tesla CEO said that he foresees a serious recession in 2023 and needed to prepare for a worst-case scenario.
But Elon Musk isn’t the only one predicting a recession going into the new year.
Both Bank of America and Wells Fargo CEOs are predicting a recession to hit the United States by the first quarter of 2023.
Based on these predictions, there’s a strong probability we will not be seeing shares of Tesla rise again until we enter another bull market or see signs of a bear market coming to an end.
But I’m curious to know your thoughts on what is happening with Tesla stock.
Leave your thoughts below.
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Called handing money to shorts. This is not a stock market it is a short market and everyone else donates. Can’t believe nobody gets this through their noggin.
What do you think the silence from the board of directors indicates?
Let’s start a discussion! Leave your thoughts below.