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Elon Musk loses $14ml inday

2022-06-18 21:48:59Biznes SHKRUAR NGA REDAKSIA VOX
Elon Musk loses $14ml inday
Elon Musk

The wealth of the world's richest person, Elon Musk of Nasa, shrunk by $14.2 billion on Thursday, as shares of the electric vehicle manufacturing company fell 8.5 percent. Surprisingly, the billionaire who with his own posts on Titter grows, or sinks shares, this time kept quiet.

Two main factors lowered the stock, analysts said: News that Tesla has raised prices for all its cars and comments that the automotive industry is preparing for a recession and falling car sales.

The stock's drop on Thursday came after both Ford and General Motors expressed concerns of an automobile recession, echoing the "super bad feeling" for the economy Musk expressed in an email revealed to Reuters on June 3, prompting him to think about firing 10 percent of Nasa employees.

CFRA analyst Garrett Nelson says there is reason for concern as new vehicle sales have recently fallen to desperate levels, with May's seasonally adjusted annual rate at just 12.7 million units, down 25 percent from a year ago.

Referring to a Reuters report on Thursday that Tesla has "raised prices for all its car models in the United States in response to ongoing global supply chain problems and rising costs of raw materials", analysts predict that other companies will have to do the same, and the question for all investors will be whether consumers accept or withdraw.


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