Not evenElon Musk ’s Tesla — which was boast as a vehicle manufacturing unicorn mean to dent the climate crisis — can withstand those plaguey macroeconomic trends . Tesla ’s valuation has just fall as the electric vehicle market earnestly cool down .
Tesla ’s boil down valuation watch over the company announcing earlier this month in an earnings call that it would be reducing its growth outlook , apparently due to depleted requirement for electric vehicles , allot to a Bloombergreport . The EV company ’s stock fall 18.7 % following the call and a total of 21.1 % for the integral month of October , as reported byMarketwatch . This is apparently the worst monthly carrying into action for Tesla since December 2022 . After the news broke , Musk ’s own net Charles Frederick Worth took a dip : The billionaire ’s fortune went from $ 234 billion to $ 193 billionaccording toCBS News .
The EV market is on mentally ill ground , and Tesla is not the only company that ’s mark . BothHertz and Ford would be re - evaluate their investment in electric vehicleslast week . Hertz ostensibly was n’t fix for the high amount of wear and snap on the EVs Uber drivers rend from the company . Therefore Hertz moved those EVs into the supply that could be rented out for leisure time driving — which has left the car rental company with a lot of galvanizing fomite . likewise , Ford announce that it was hesitate its planned $ 12 billion investment in EV manufacturing , citing a boil down requirement for EV buying .
Image: Sheila Fitzgerald (Shutterstock)
That said , Tesla is not the only one of Musk ’s company that ’s struggling . Musk ’s social medium speculation X get an updated valuation , or should we say devaluation , by Fidelity on Sunday , which isone of the bank that financed the billionaire ’s initial leverage .
Fidelity wrote down its valuation of Musk ’s companyan extra 8 % this September , with the depository financial institution decoct its valuation a aggregate of 65 % over the prior 11 months . InMay , Fidelity count on that X was worth 33 % of the initial $ 44 billion Musk ab initio pay for it . Things were looking up in the following months when Fidelity marked up the company ’s value by 11 % inJulyand 8 % inAugust , only for thing to continue to crater before long thereafter .
Electric vehicleElon MuskFordTesla , Inc. Uber
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