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Elon Musk touts beaten-down Tesla stock as a potential bargain and blasts the Fed for interest-rate hikes | Business Insider

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Elon Musk touts beaten-down Tesla stock as a potential bargain and blasts the Fed for interest-rate hikes.

stock as a potential bargain, and warned the Federal Reserve has hiked interest rates way too high, given prices appear to be declining. Wednesday that Musk might be partly responsible for the 64% plunge in Tesla's stock price since April, which has wiped over $600 billion from the electric-vehicle company's market capitalisation., before taking aim at the US central bank.

Inflation surged to a 40-year high of 9.1% in June, and remained north of 7% in November, well above the Fed's annual target of 2%. The central bank has responded by hiking interest rates from virtually zero in March to over 4% today, in an effort to cool demand and curb the pace of price increases.

 

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