Tesla shares fell 8.2% in the first week of 2023.
For the first time in more than a year, growing concerns about declining demand for Tesla Inc.’s electric vehicles caused the company’s shares to decline last week, setting the tone for an unsettling new year.
Elon Musk’s electric car company’s stock fell 7.7% last week to $101.81 a share before recovering 2.5% as the market rose.
Meta shares are up 46% since their lows in November.
Tesla stock fell by 65% in 2022, outperforming the Nasdaq 100 index, which fell by 33%.
The company’s shares dropped more than 12% in the first trading session of 2023 after delivering fewer cars than anticipated in the previous quarter despite robust stimulus programs in its largest regions.
In comparison, Meta has performed better recently and has increased by more than 8% since the year 2023 began.
The social network firm has implemented significant cost-cutting measures, including snatching more than 11,000 jobs, and as a result, the company’s shares have increased by more than 46% since their November low.