2022 was, in a way, the year of Elon Musk. But If he made headlines for his $44 billion acquisition of Twitter at the end of October, the success of SpaceX’s astronautical launchers and Tesla’s sales boom, the brilliant and temperamental boss has suffered many disappointments. Tesla thus lost two-thirds of its stock market value in 2022, the victim of fears about the demand for electric cars, the end of easy money on Wall Street, but also the tribulations for the uncertain outcome of the social network.
For one thing, the multibillionaire sold several billion dollars worth of Tesla stock to fund the acquisition and then operating costs of his new toy, selling another $3.6 billion in early December. And this, while he had said in the spring that he had no intention of selling any more. Elon Musk also threw the social network into turmoil, laying off half of its employees. Suddenly, “Musk has lost all credibility with the investment community,” said Dan Ives, an analyst at Wedbush Securities. It has become “untenable” to value Tesla without taking into account Twitter’s erratic management, trumps Oppenheimer’s Colin Rusch.