Elon Musk and the companies he leads – Tesla, SpaceX and X – are off to a bad start in 2024. According to analysts, all three companies face significant challenges that could threaten their long-term success. But the losses at Tesla stood out the most. It was stated that the company lost 188 billion dollars in value in a year.
Difficult times have just begun for Elon Musk and Tesla
Tesla’s stock price has fallen 23 percent since the beginning of 2024, losing about $ 188 billion in market value. Investors have become concerned about slowing demand for electric vehicles, both in China and in the global market.
Tesla’s stock has risen significantly in the last 5 years, but has fallen from the “Magnificent Seven” list of the most valuable technology companies. Much of Musk’s $208 billion fortune is tied to Tesla shares. Falling share prices show that Musk will continue to suffer losses.
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Twitter, which Musk bought for 44 billion dollars last year, is having big problems with advertising. Advertisers, who had discussions about content moderation on the platform, announced that they were withdrawing from the platform. Advertising revenues fell 54 percent in 2023, leaving Twitter in a difficult situation. X’s current value is thought to have decreased by 71 percent.
Musk’s space venture SpaceX continues to survive with partnerships with NASA and other companies. Although it faces many lawsuits in the US, SpaceX’s space program continues uninterrupted. It should also be noted that Musk wants to move the company from California to Texas.
With increasing problems in his companies, 2024 will be a challenging year for Elon Musk. We will see how Musk will react to these challenges in time.
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