Tesla's stock has plummeted below $150 per share, erasing all gains made over the past year. The electric vehicle maker is facing challenges such as declining sales and significant discounts aimed at attracting more buyers. Shares of the company, owned by Elon Musk, dropped nearly 4% in intraday trading on Thursday, marking the third worst week for the stock in 2024. This year has been particularly tough for Tesla investors, with shares down 12.4% this week and over 39% for the year.
In a concerning development, Tesla announced a global workforce reduction of 10%, affecting approximately 14,000 jobs. The company also sought to reinstate Musk's $56 billion pay package, which was previously rejected by a Delaware judge due to concerns over the negotiation process. The value of Musk's package has decreased to $44.9 billion following the stock decline.
