Along with taking huge loans to buy Twitter, Musk has also sold Tesla shares worth about $ 20 billion.
Tesla, which is one of the big electric vehicle (EV) companies, has suffered huge losses since its founder Elon Musk’s bid for the microblogging site Twitter. Musk made a bid for Twitter in April and since then Tesla’s market value has almost halved. Due to this, Musk’s wealth has also decreased by about $ 70 billion and there is a risk of losing his title of the world’s richest person.
Tesla’s share price was a little over $340 in April. After this, Twitter told in a filing that Musk has given a bid of about $ 44 billion to buy the company. This had a big impact on Tesla’s share price. The company’s stock is down almost in half to around $174. Tesla’s stock has also come under pressure due to difficulties at the company’s factory in Shanghai, China. Along with taking a huge loan to buy Twitter, Musk has also sold Tesla shares worth about $ 20 billion. This could take away his title of the world’s richest person.
Competition is also increasing in the market of electric vehicles. In this, Tesla, which has been at the top for many years, has been in second place for the second consecutive quarter. China continues to be the largest selling market for EVs. Then there are Europe and America. EV sales in China more than doubled to over 1.7 million units. It was around 8.8 lakh units in the same quarter last year. China’s automobile company BYD has further strengthened its first position. It has also widened its gap with Tesla.
BYD shipped over 5.37 lakh EV units. This is an increase of 197 percent on a year-on-year basis. Tesla’s sales were up 43 percent to a little over 3.43 lakh units. The demand for the company’s vehicles has increased in Europe. Tesla delivered a record number of Model Ys in Germany in the third quarter. The company has got the benefit of increasing production at its factory in Berlin. However, the total delivery of its vehicles has been lower than expected due to logistical issues. The third place in the global EV market was occupied by another Chinese company, Waling. Its sales have increased by 31 percent.
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