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The Tesla share has now seen one of its biggest declines in history




Tesla shares are in the midst of the biggest decline since the company went public in 2010.

Shares of the EV maker are down 64% from a peak in November last year, marking the stock’s biggest decline since its market debut, according to data from Compound Capital.

The latest 407-day selling push has eclipsed the 60.6% drop from a peak seen over the 28 days from 19 February 2020 to 18 March 2020 (chart below), as the outbreak of the covid-19 pandemic hit markets across world.

Recently, Tesla stock is down 22% in December alone.

The bottom has fallen out of Tesla's share price.

The bottom has fallen out of Tesla’s share price. (Composite capital)

The decline for the once bankable automaker reflects several factors.

First, the risk of operational failure at Tesla has grown as Musk focuses on restructuring Twitter.

“Musk has gone from a superhero for Tesla stock to a villain in the eyes of the street as his overhang grows with every tweet,” Wedbush CEO Dan Ives, who has become increasingly critical of Musk in 2022, told Yahoo Finance.

Concerns remain about production issues and the pace of sales for Tesla in China, amid an uncertain approach to the country’s COVID-19 policy.

Finally, competition in the electric car space in the US has only increased this year – which increases the risk of slowing growth for Tesla in 2023 and beyond.

SpaceX Chief Engineer Elon Musk attends a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif

SpaceX Chief Engineer Elon Musk attends a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif

As for the first and most immediate issue, others on the Street agree with Ives that the Twitter debacle is the most pressing issue for the stock right now and is likely to remain so well into 2023.

“Tesla’s brand has become more polarizing,” Goldman Sachs analyst Mark Delaney said in a note this week. “We believe that Tesla’s brand has significant value related to the company’s leadership position in clean energy and advanced technology. Having consumer focus related to Tesla shift back to these core attributes of sustainability and technology will, in our view, be important if Tesla is to meet or exceed long-term investor expectations for Tesla .”

Brian Sozzi is a major editor and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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