Elon Musk hits back at being blamed for Tesla cratering toward its worst year ever, says people are saving instead of buying stocks

According to Musk, rising interest rates have made cash more attractive than stocks, which has led to a broader market sell-off.

The world's second-richest man said Tuesday that as bank savings account interest rates start to approach stock market returns which are not guaranteed, people will move their money out of stocks and into cash.

The Federal Reserve raised interest rates this year in order to tame inflation which is close to forty-year highs.

When the benchmark S&P 500 index has plummeted nearly 20% in the last year, investors may already be cautious about buying stocks.

The company's future cash flows are at risk due to rising interest rates.

The EV manufacturer is on course for its worst year ever after Musk blamed the Fed for its poor performance.

He said that they don't control the Fed. The real problem here is that.

The shareholders are worried that the acquisition of the social networking site by Musk has become a distraction.

Since Musk finalized his takeover of the social-media company, the shares of the electric car maker have plummeted by 42%.

The value of having no CEO is reflected in the current share price.

Musk blames rising interest rates for the $600 billion plunge in market value of his company.