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    Tesla's stock lost over $700 billion in value. Elon Musk's Twitter deal didn't help

    The transformational automaker's market cap has dropped by a staggering amount over the past year. Blame new competition, sales that fell short of a lofty target — and a distracted CEO.
    by Camila Domonoske Jan 06, 2023 3 minutes
    Tesla shares have dropped over the past year, partly because investors worry that CEO Elon Musk is too distracted with his takeover of Twitter.

    For several years, the meteoric rise of Tesla stock has captivated, thrilled and mystified Wall Street. But in 2022, that meteor blazed out.

    The electric-carmaker's stock lost 65% of its value in 2022. And the company kicked off the new year with yet another plunge, dropping 12% in a single day after disappointing sales figures were announced.

    That's not only bad for investors. It's also bad for Tesla CEO Elon Musk, who has a big chunk of his wealth tied to the automaker and is no longer the world's richest man.

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