NEW YORK : Tesla Inc's steep sell-off is proving to be an ongoing nightmare for fund managers that have bet heavily on the Elon Musk-led electric vehicle manufacturer. Overall, 50 actively-managed U.S. equity funds have more than 5 per cent of their assets in the company, exceeding the barrier that many p
NEW YORK : Tesla Inc's steep sell-off is proving to be an ongoing nightmare for fund managers that have bet heavily on the Elon Musk-led electric vehicle manufacturer.
Shares nose-dived 37 per cent in December, and fell more than 12 per cent on Tuesday, the first trading day of 2023, after the company's fourth-quarter deliveries fell short of expectations due in part to ongoing logistical difficulties. Musk completed a $44 billion acquisition of Twitter in October. He soon began firing top executives and let go more than half of Twitter's staff while appearing to shift strategy tweet by tweet. His net worth has fallen by more than $100 billion, according to Forbes, bumping him from the position of world's richest person.
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