Elon Musk Tesla Shares Price Falls by 37 Percent in 2024 know reason behind it

Elon Musk Tesla Shares Fall in 2024: The decline in shares of Tesla, the world's largest electric car manufacturing company, continues. The shares of the company have registered a decline of 37 percent since the beginning of the year 2024. The fall in Tesla shares has also affected the market valuation of the company and it has come down to less than $500 billion. The main reason behind the fall in the company's shares is lack of demand. According to media reports, the electric vehicle manufacturing company is struggling with lack of demand. In such a situation, the company has now made a plan for mass layoffs.

Tesla shares fell so much

On Tuesday, Tesla shares fell 2.7 percent in the New York stock market and closed at $ 157.11. Earlier, the shares had also reached the minimum of $ 153.75 during the day. In such a situation, a total decline of 37 percent has been seen in the shares of the company in the year 2024. The special thing is that after the fall in Tesla shares, shareholders have lost $290 billion. The market cap of the company has been running below $500 billion since April 2023.

Tesla announced layoffs

On Monday, Tesla announced large-scale layoffs in view of falling demand in the market. The company is going to lay off more than 10 percent of the employees in its global workforce. As of December 2023, the company had a total of 1,40,473 employees. In such a situation, after the company's announcement of retrenchment, at least 15,000 people can be laid off. On this matter, Elon Musk has sent a mail to his employees saying that there is duplication of jobs and roles in some areas in the company. In such a situation, the company has taken this decision to increase production by cutting costs to prepare the company for the next phase of growth. For this, the company is taking a difficult decision and is going to reduce the global workforce by 10 percent.

Musk is coming to India

Elon Musk, who is included in the list of world's top billionaires, is going to visit India next week. He will meet PM Modi during this visit. Musk's visit to India has many special meanings. Musk can announce many important investment plans during his visit to India. Musk's company Tesla and Space X can also enter India. After Tesla's entry in India, a good EV eco-system can be created in the country which can prove beneficial for local companies as well. Along with this, it is expected from Musk's visit that after the exemption given to FDI in the space sector in the country, Space

Musk can also benefit greatly from India. In the last few months, Musk's Tesla has faced tough competition from many European and Chinese EV companies. In such a situation, if Tesla strengthens its roots in India, then it can get a huge consumer market.

read this also-

Vande Bharat: How much is earning from Vande Bharat trains, Railways gave this answer in response to RTI