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Tesla Tough Year
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Rocky ride: Tesla stock on pace for worst year ever

Owning Tesla stock this year has been anything but a smooth ride for investors

By ALEX VEIGA
Published - Dec 28, 2022, 01:30 PM ET
Last Updated - Jun 23, 2023, 04:28 AM EDT

LOS ANGELES (AP) — Owning Tesla stock this year has been anything but a smooth ride for investors.

Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S&P 500 stocks. By comparison, the benchmark index is down about 20%.

While Tesla has continued to grow its profits, signs of softening demand and heightened competition have investors increasingly worried. And then there’s CEO Elon Musk’s acquisition of Twitter. Some of Musk’s actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter’s advertisers and turned off some users.

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