Tesla Inc. lost a little over 50% year-to-date and is now on a four-day losing streak. The CEO Elon Musk blamed it mostly on extraneous factors, blaming it for the predicament.
What happened to Tesla and Amazon Inc. AMZN stock chart, showing both materially underperforming for the past year.
Musk, tagged the influencer, chimed in with thoughts on probable reasons.
Why It's Important: Musk's reasoning isn't far-fetched. The Russia-Ukraine war has left the energy situation in Europe grim. As winter approaches, Europe, which relies mainly on natural gas imports from Russia, is facing a threat to its energy security.
Musk has previously warned about the overheated property market in China that could come crashing down and affect economic growth in a country where Tesla is heavily dependent on production and sales. The Federal Reserve's successive rate hikes have put brakes on economic growth with economists brisk with their recession calls for the new year, according to the Federal Reserve's successive rate hikes.
Musk did not mention any company-specific issues that caused the stock's underperformance, but Tesla investors and backers have been highly critical of his Twitter acquisition. They think the buy is a big deal for the electric vehicle maker.
Price Action: Tesla shares ended Thursday's session down 0.34% to $173.44, according to Benzinga Pro data.
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