It’s been an expensive year so far for Elon Musk.Credit:AP
The electric-car maker comprises the bulk of his fortune and is struggling with burgeoning COVID-related restrictions in China,its largest market outside of the US.
The Austin,Texas-based firm recently announced a recall of more than 300,000 cars due to faulty taillights,while also dealing with supply-chain snarls and soaring raw material costs.
Tesla shares dropped 6.8 per cent to $US167.87 in New York trading on Monday — the lowest since November 2020 — and are down 52 per cent this year. That compares with a 29 per cent decline in the tech-heavy Nasdaq 100 Index.
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Musk,51,has also been preoccupied with Twitter,the social-media network he acquired last month for $US44 billion. The company has lost about 60 per cent of its workforce since Musk took over,with the latest round of layoffs coming on Sunday.
Investors have been questioning whether the billionaire is spreading himself too thin among his various high-profile ventures.