Tesla shares hit by new $50bn selloff on fears demand for its cars will slow

Tesla's market value has declined by about $400bn since Elon Musk, the CEO of the carmaker, secured financing to buy media firm Twitter.

Tesla shares started 2023 where they left off last year, plunging by about 13% in the session on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable car maker.

Once worth more than $1 trillion, Tesla lost more than 65% in market value in a tumultuous 2022.