Elon Musk's Tesla Shares Slump Over 8% After 11 Days Of Rallying

The world of Elon Musk once again appears to have taken a hit as his marquee enterprise, Tesla, has ostensibly hit turbulence again.

The company shares that were trading with extensive fervour for over 11 trading sessions have finally been halted after a decline. And this decline is of a much bigger nature, as the shares dropped by over 8 per cent in the latest trading session on Thursday.

Tesla Delays Robotaxi

This drop in share prices is attributed by observers to the company's delay in presenting its Robotaxi event. The original unveiling of Musl's brainchild was slated to happen on August 8.

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This has now been pushed into October of this year.

The company did not have the best start to the new year after a drop in its car sales along with its revenue, which also took a hit for the first time since the pandemic in 2020. The company has been facing stiff competition from inside and outside the US, with China's BYD occupying the position of its top rival.

The Chinese company even overtook Tesla as the biggest EV maker, but later on, Tesla scaled back to the pole position after overall EV demand and sales for most major players dropped.

Company Shares Slump

The company shares, needless to say, also suffered, going even below the USD 175 mark.

The prospects, however, have looked better in the recent past, with the company shares rising in the recent past, energised by its competitive pricing and its battery and energy storage business.

In fact, the shares even rallied for 11 consecutive trading sessions before finally faltering on the 12th session.

The company shares have cumulatively increased by 35.95 per cent or USD 63.74 over the past month. On Thursday, July 12, the company shares dropped by a massive 8.44 per cent or USD 22.23, slumping to USD 241.03.