Elon Musk’s Tesla lost $109 bn in single day amid weak outlook for 2022

Despite delivering a record number of cars in 2021, Elon Musk-run electric car maker Tesla lost nearly $109 billion in market valuation in a single day after its fourth-quarter earnings and outlook failed to impress the investors.

According to him, 2022 is the year “we will be looking at factory locations to see what makes the most sense with possibly some announcement by the end of this year”.

The news led to Tesla shares plunging 12 per cent, closing at $829 which was the lowest since October 14, 2021.

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