Tesla posts record net income for fourth quarter of 2022

on track for its worst year, was facing doubts about its business after discouraging sales and a series of price cuts for Tesla vehicles across the globe.

• At the end of 2021, Tesla was a $1.1 trillion company.
• But as of Dec. 28, it was worth $353 billion, a 68% decline. 
• At that same time, the stock was down over 70% year-to-date and it’s on track for its worst month, quarter and year ever. 
• Shares of the same company skyrocketed by more than 1,100% from the beginning of 2020 to the end of 2021.

Tesla shares on Wednesday closed at $144.43  up more than 30% from the start of the year .

Could it could recover in 2023?

Tesla’s stock price plummeted in 2022

Earlier this month, Musk broke the world record for the largest loss of personal fortune in history.

Guinness World Records reported the record after Forbes assessed the Tesla CEO lost $182 billion, although other sources suggest that it could actually be closer to $200 billion.

The drop followed a trend as, at that time, Tesla stock had plummeted 58% since the beginning of the year

In August, Musk sold nearly$7 billion worth of Tesla shares to get his finances in order ahead of his acquisition of Twitter, a move that frustrated investors.

Musk no longer richest man in world:After Tesla stock slide, Elon Musk is no longer richest person in the world, Forbes says

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Includes information from the Associated Press. Contributing: Elisabeth Buchwald

Natalie Neysa Alund covers trending news for USA TODAY. Reach her at nalund@usatoday.com and follow her on Twitter @nataliealund.

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