Elon Musk just cashed in another $3.6 billion of Tesla stock as he wrestles with mounting interest payments at Twitter and a looming recession
Investors have soured on tech stocks in the face of historic inflation and rising interest rates.
Inflation has surged to 40-year highs this year, spurring the Federal Reserve to hike rates from virtually zero to over 4%, in a bid to cool the economy and curb the pace of price increases. However, the painful combination of rising prices and borrowing costs is squeezing consumers and businesses, and threatening to plunge the US economy into recession.
Tesla and other high-flying stocks have been hit especially hard by inflation and rising rates, as they're largely valued based on their prospective cash flows in the years to come. However, those cash flows have become relatively less appealing when prices are soaring and investors can earn larger, risk-free returns from Treasury bonds, savings accounts, and other safe assets.
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