Wednesday, December 28, 2022

Bonfire of the Inanities

Things are going great in Muskworld apparently.

Tesla stock closed under $110/share yesterday, down from almost $410/share in November of 2021, giving it the dubious distinction of underperforming even $META as a tech stock, and taking a worse percentage loss than pretty much any automaker stock.

Elon's antics have basically turned a dollar into two dimes and a nickel, as someone quipped. 

Meanwhile, the EV manufacturer is cranking up the incentives for people to buy their vehicles:
"As for price changes on Tesla, the automaker started offering a $3750 discount to U.S. customers on two models, the Model 3 and the Model Y, at the beginning of December. This amount doubled, to $7500, last week for customers taking delivery this month. Tesla also added another incentive—10,000 miles worth of free energy at Tesla Supercharging stations—for EVs delivered in December. Tesla buyers in other countries are also being offered various discounts, Reuters notes, including $5000 in Canada and around $850 in China."
Let's see what Elon's doing about this...
In one year, Tesla's market cap has fallen from over a trillion bucks to 344 billion and the stock's still in free fall. Six hundred and some-odd billion dollars just...poof!...up in smoke. Wow.