Tesla's valuation plummets $80bn after Musk warns of slowing sales


Content Team
Image Credit: newsbytes

Tesla's stock took a nosedive of over 12% on Thursday, causing a staggering $80 billion loss in market value. This came after CEO Elon Musk cautioned that sales growth would likely slow down this year. The electric vehicle (EV) industry has been struggling with waning demand for over a year, and Tesla's price cuts have already taken a toll on profit margins. Musk revealed on Wednesday that growth would be "notably lower" as the company shifts its focus to affordability.