(Boursier.com) — Elon Musk is coming out of the woods to try to put out the fire raging around the Tesla title, which again fell by more than 8% Thursday evening on Wall Street… The group’s boss declared “that he would no longer sell of Tesla shares for about two years” after having sold nearly 40 billion dollars of securities since the end of last year, mainly to finance the takeover of Twitter led by the businessman in recent months.
On the ground, a sign of the crisis that is catching up with the American economy, the electric car manufacturer is offering discounts ranging from up to $7,500 on its Model 3 and Model Y delivered in the United States this month ($5,000 in Canada) as Elon Musk’s group faces a sharp slowdown in demand. In addition to recession fears, consumers are also in waiting for new tax incentives. Tesla, which until now offered a maximum credit of $3,750, is also offering 10,000 free recharge miles on its Superchargers.
let’s remember that You’re here was a major beneficiary of the Biden administration’s Inflation Reduction Act (IRA), which offers rebates of up to $7,500 on electric vehicle purchases under a law aimed at pushing automakers to reduce their reliance on China. “The fact that they seem to be cutting prices to increase shipment volumes doesn’t build confidence, especially at a time when we see increasing competition,” commented Craig Irwin, principal analyst at ROTH Capital Partners.
Tesla’s rare discounts follow a series of price hikes over the past two years, with the automaker blaming supply chain disruption and inflation. The Austin-based group said in October it would miss its vehicle delivery target this year, but played down concerns about demand after its earnings missed Wall Street estimates. year, the Tesla title lost 64% on the stock market.
The billionaire’s chaotic management of Twitter since his takeover for $44 billion has weighed heavily on Tesla stock, while the man who is also boss of SpaceX financed the deal by selling billions of dollars of shares in the electric car manufacturer .
Investors fear that the management of the social network has become a “distraction” for the boss of You’re here, a group in which he is personally involved in production and engineering. The announcement of its intention to distance itself from the management of the Twitter group in favor of the appointment of a new CEO has not been enough for the moment to reassure the stock market… After asking Twitter users to he was to leave his post as general manager, (57.5% of respondents, or more than 10 million people, voted in favor of his departure), the billionaire indicated that he would resign as soon as he found “someone ‘one dumb enough to take the job’.
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