When Tesla stock plummeted late last year, one investor who lost out was Paul Pelosi, husband of former Speaker and Democratic Rep. Nancy Pelosi of California.
According to Tesla, Paul Pelosi lost more than $500,000 when Tesla collapsed Business Insider.
Tesla is of course currently run by billionaire Elon Musk.
Pelosi reported that the last few weeks of the year cost him $2.5 million as other investments lost money, including one in Salesforce, a cloud-based software company that cost Pelosi nearly $734,000.
In March, Paul Pelosi bought shares in Tesla worth $2 million forbes.
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The losses come as the site celebrity net worth estimated Paul Pelosis’ net worth at $120 million.
Tesla stock had a tough year in 2022, as noted by CNBC. At the end of the year, the stock was down 73% from its record high in November 2021 and 69% over the course of 2022.
One of the reasons for Tesla’s downfall appeared to be Elon Musk’s purchase of Twitter and subsequent controversies surrounding the early days of the tech giant’s operations under Musk.
Wedbush Securities’ Dan Ives said Musk’s behavior had upset shareholders.
Do you think Musk’s actions affected Tesla’s stock price?
Yes: 56% (226 votes)
No: 44% (181 votes)
“As Tesla cuts prices and builds inventories globally in the face of a likely global recession, Musk is seen as ‘sleeping at the wheel’ from an executive perspective,” he wrote in late December.
In a note, we listed our top 10 actions we think Musk needs to take at Tesla/Twitter in 2023 to change negative sentiment around the Tesla story. We remain bullish on the long-term and outperform Tesla, although this is where Musk needs to start changing direction, we believe @elonmusk pic.twitter.com/gBuZAHxLXA
— Dan Ives (@DivesTech) December 29, 2022
Joshua White, a former US Securities and Exchange Commission economist and now an assistant professor at Vanderbilt University, recounted CNBC there were other factors too.
“Only part of Tesla’s depreciation can be attributed to interest rates. Twitter Overhang is an important component. China is another big component. We still don’t know if China will be fully open and we see there are supply and demand pressures here given the surge [COVID-19] Cases and incidents,” he said.
Musk has lost the trust of many, he said.
“He seems to be selling stocks in really big chunks and saying, ‘I’m done and I’m not selling anymore.’ But talking is cheap. He says that and then sells more shares. The more times you say that and investors think he’s probably not done yet? The less confident they are that the price will bounce back,” he said.
Another analyst said the world has overtaken Tesla.
“Tesla’s promise was that eventually all the cars in the world would be electric vehicles, and Tesla would play a big part in that,” said Efraim Benmelech, professor of finance at Northwestern University’s Kellogg School of Management The New York Times.
Enter Ford and General Motors.
“Some of these companies have been around for 100 years. They have good engineers, good management. One should not underestimate the role of competition,” he said.
https://www.westernjournal.com/paul-pelosi-ended-2022-devastating-losses-may-spurred-elon-musk/ Paul Pelosi ended 2022 with devastating losses, and it may have been spurred on by Elon Musk