The sell-off intensified on December 22 as Tesla Inc shares slumped, heading for their worst month ever, amid weak demand for electric vehicles and CEO Elon Musk’s distraction from Twitter.

Yesterday, Tesla’s share dropped 10% to its lowest level since September 2020 after offering $7,500 discounts on Model 3 and Model Y electric vehicles delivered in the US on December 22

Also, the shares of Tesla slipped 36% this month compared with March 2020. Tesla’s shares dropped 22% when the coronavirus pandemic tipped financial markets into a tailspin.

Nearly $40 billion worth of his Tesla shares in 2022 Musk, adding to pressure on the stock as investors worry he could sell more to keep Twitter afloat. Moreover, it expected to miss its vehicle delivery target in 2022, Tesla said in October.

Recently, the stock market value was overtaken by the combined values of Toyota Motor Corp, Volkswagen AG, General Motors (GM), Hyundai Motor, BMW and Ford Motor Co for the first time in 2021. After a significant reversal, the stock jumped nearly 2,000% from 2018 through last year’s high. The company remains the top seller of electric vehicles in the market.