Tesla experienced one of the worst price slumps in its history as the price of Tesla stock decreased by seven consecutive days.
Tesla’s recent price decline is the worst among the top tech companies this year. Tesla stock declined by 3.3% today, and its new price is $112.71. Apart from this, the S&P 500 and NASDAQ Composite dropped 1.2% and 1.4%.
Experts Seem Divided Over the Price Performance of TSKA Stock
Following the situation, experts have a divided opinion about the price trend of TSLA stock.
Some market experts believe this price hide-and-seek is suitable for those investors who do not believe in long-term sustainable profits.
Those investors who love taking risks and believe in earning big in the short term are happy with the current price trend.
In contrast, some experts have opened up about the stock’s current market price. They believed that those investors who have purchased TSLS shares for long-term gain must be happy with the stock’s performance.
As things stand, the price of TSLA stock is 70% down from its all-time high. In addition, the stock price has slumped by 61% over the past three months.
Moreover, through the midway of this week, the stock price lost by 31%.
The recent Data shared by the Dow Jones index indicates that this is the first time that the price of TSLA stock has declined for 8 successive days. This had never happened before in the entire history of TSLA.
Although tech stocks are subjected to heavy volatility in the market, not a single tech company has seen a decline in its share by more than 31%. Tesla is the only tech company that has crossed this mark.
The Stocks of Facebook Also Declined Significantly
In 2013 and 2019, Facebook also suffered as its share prices dropped twice for seven straight days.
However, the company’s biggest price slump came in 2019, when its stock price went down by 11%.
Apart from Facebook and Tesla, Apple also suffered the losses for straight nine-days.
Apple.Inc (AAPL), back in 1990 and 1991, also faced a situation where its share was constantly down for nine straight days.
During those nine days, the company’s share price slipped by 17%.
That was not the only time when the price of Apple shares declined. In 2005 and 2011respectivelty, Apple also suffered two consecutive nine days losing streaks.
Talk of Amazon (AMZN) and Netflix (NFLX), their worst performance streaks had been for 10 and 11 days, respectively.
During those price slumps, the price of AMZN declined by 30%, and the price of NFLX declined by 8%.
Google’s parent company Alphabet (GOOGL), tops the list as its stock price declined by thirteen days. During those 13 days, the price of its shares dropped by 13%.
Ranking Tesla among the Tech Companies Have Its Own Cons
Critics have often criticized Tesla by saying that it is not an IT company. Bears have always repelled Tesla’s claims as a tech company. Ba ears a firm belief that Tesla is an electric vehicle manufacturer.
Bulls, on the other hand, backs Tesla as the tech company as Tesla is involved in developing its autonomous driving software and redefining the solar sector.
This complex business paradigm deserves to be recognized as the hybrid tech working model.
As Elon Musk has decided to step down as the CEO of Twitter. He also assured shareholders that he would not sell his TSLA shares for a minimum of two years. This has given some momentum to the company’s shares.
As the market is heading towards the New Year, experts are also positive about the tech sector’s performance in 2023.
Experts have already favored the bullish trend from the beginning of 2023. So, chances are high for Tesla and other tech companies to recover quickly. Bulls are extremely relieved that Tesla’s losing streak that lasted for nine days finally ended.