Shares of electric vehicle maker Tesla (TSLA) have declined 28% since chief executive Elon Musk bought Twitter on October 27 of this year.
Other major automakers such as Ford (F) and General Motors (GM) have seen their stock prices rise since late October.
Tesla’s share price closed on December 13 at $160.95 U.S., down more than 4% on the day and bringing its loss for the year to 60%.
The decline in Tesla’s stock price has prompted the company’s largest retail shareholder, billionaire Leo Koguan, to call for the company’s board to initiate a buyback program.
Musk sold billions of dollars’ worth of his Tesla shares to finance his acquisition of Twitter and critics say he has been preoccupied and distracted by the social media company in recent months.
Poor economic conditions and an aging product line-up have also put pressure on Tesla’s stock, say analysts. Tesla has delayed the rollout of several new products, including its highly anticipated Cybertruck.
Tesla unveiled the Cybertruck in 2019 and originally planned to have it start production in 2021. So far, the truck has not materialized.
Tesla is also facing a customer backlash over a delay in delivering self-driving technology through software updates to its electric cars.
The company is ramping up production at a new vehicle assembly plant in Austin, Texas, and another one outside of Berlin, Germany.
But some investors and analysts remain concerned about the state of the automaker and its prospects moving forward.
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