Tesla shares sink to their lowest value in over two years
Austin, Texas - Shares in major US electric carmaker Tesla Inc. have fallen to their lowest level in well over two years.
Shares in Tesla are at a 28-month low as investors continue to sell stock of the luxury electric carmaker after its chief executive Elon Musk acquired social-media company Twitter Inc. in April.
The performance of Tesla has been on a downward track since the Twitter deal, with Musk seemingly focusing more on Twitter as its CEO. The Tesla stock hit an all-time high of $407.36 in November 2021 and has since lost more than 70% as of date.
The stock has traded in the range of $121.02 to $402.67 in the past 52 weeks. The stock is trading in Tuesday's pre-market session at $115.65, down $7.31 or 5.94%.
The stock has been steadily declining after it hit a recent high of $381.82 on April 4, when Musk revealed a 9.2% stake in Twitter.
Musk finally completed the acquisition of Twitter in a deal valued at $44 billion in October.
Musk has also sold more than $39 billion worth of Tesla stock since the company's market capitalization peaked.
Cover photo: SUZANNE CORDEIRO / AFP