Shiba Inu And Tesla Both Perform Similarly In 2022

Key Points:

• Since 2022, the stocks of meme cryptocurrencies Shiba Inu (SHIB) and Tesla (TSLA) have underperformed, losing roughly 70% this year.
• Investors have recently expressed fear that Elon Musk, the CEO of Tesla, may sell more of his shares in the firm to pay for his Twitter investments after selling shares worth about $3.5 billion last week.

Since 2022, the stocks of meme cryptocurrencies Shiba Inu (SHIB) and Tesla (TSLA) have underperformed, losing roughly 70% this year.

Noteworthy cryptocurrency outperformers include Bitcoin (BTC) and Dogecoin (DOGE), which have outperformed the shares of the largest manufacturer of e-cars.

Following the company’s statement that prices for the Model 3 and Model Y will be reduced by $7,500 for individuals receiving their vehicles this month across the U.S., Tesla’s stock price dropped by about 9% on Thursday.

Anxiety about declining demand was rekindled as a result

Investors have recently expressed fear that Elon Musk, the CEO of Tesla, may sell more of his shares in the firm to pay for his Twitter investments after selling shares worth about $3.5 billion last week.

Musk announced during a Twitter Spaces audio chat that he would not be releasing any stock sales during the following two years in an effort to increase shareholders’ faith in the electric vehicle manufacturer. He continued, predicting a “severe slump” in the economy by 2023.

However, TSLA is only up 1.2% in after-hours trade, erasing early gains as concern over Tesla’s destiny persists. Since Musk repeatedly sold TSLA shares despite vowing not to do so back in April, investors might not find solace in his most recent remarks. Investors are worried that the billionaire’s antics on Twitter are harming Tesla’s overall brand value and reputation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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