If you hold Tesla stock, like me, you’ve been feeling the hurt from seemingly non-stop bad news out of the EV maker lately.
Tesla recently announced they were laying off more than 10% of their global workforce amid slowing demand for EVs worldwide.
As you can imagine, the stock did what you’d expect and has been on a downward trajectory, off from a high $248.42 at the beginning of the year down to $133.91 at the time of writing this post.
That’s a drop of $103.53 year to date, or a 41.52% decrease in the stop’s price for 2024.
Then Elon Musk has the nerve to ask shareholders to vote again to award him a $56 billion payout that a court in Delaware recently ruled was invalid.
Why would shareholders reward an absentee CEO with the biggest stock option grant in the history of modern companies after the company’s stock is cratering?!?!
Could it be Elon Musk has been a little busy lighting Twitter’s once valuation of $44 billion dollars on fire, renaming it to the unpopular X, and inviting hate speech and undesirable characters onto the platform, resulting in the platform’s revenue dropping and the value of X being less than one third of what it used to be? Maybe it’s time to focus on Tesla again and return it to glory before Elon Musk destroys a second company’s valuation.
