Between new rivals and a distracted boss, Tesla suffers on Wall Street

Tesla lost a staggering two-thirds of its market value in 2022, a victim of fears about demand for electric vehicles, dismay at Elon Musk’s tribulations as head of Twitter and the end of easy money on Wall Street.

On paper, everything was going well for the iconic electric vehicle maker that overcame supply problems and made nearly $9 billion in profit in the first three quarters of the year despite soaring costs.