Tesla Inc. shares have fallen so far, so fast that some individual investors are piling in, seeing a chance to pick up what was once Wall Street’s highest flying stock on the cheap.

But would-be bargain hunters may want to take a closer look.

Even after this year’s record 65% drop, the electric-car maker’s meteoric surge during 2020 and 2021 has left it with stock-market value of $389 billion, more than Toyota Motor Corp., General Motors Co., Stellantis NV and Ford Motor Co. combined.

And the shares still trade at a higher valuation — relative to expected earnings — than most major technology giants, showing anticipation that the company will see the heady growth that Chief Executive Officer Elon Musk has promised and dominate the industry in years to come.

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In the short term, though, the company is facing mounting challenges, including rising costs, competitive threats, and the risk that a recession will slow demand. At the same time, Musk has been distracted by his takeover of Twitter, a transaction that’s weighed on the stock due to speculation he could sell more Tesla shares to keep the money-losing social-media company afloat and take his eye off running the carmaker.

Musk Repeats Vow to Not Sell More Tesla Stock Amid 2022 Rout

“Tesla was priced for perfection — and perfection is hard to come by,” said Catherine Faddis, senior portfolio manager at Fernwood Investment Management. “People are asking themselves, exactly why should it trade at so much of a premium?”

Such concerns fueled a major selloff in Tesla that drove the shares down more than 36% in December, the steepest monthly decline since the initial public offering in 2010. That delivered a windfall to short sellers who had bet against the stock after a two-year rally pushed it up 1,163% by the end of 2021.

Electric cars are still expected to be the future of the auto industry globally. But Tesla’s short-term outlook has been clouded by the trajectory of the economy and factors like the surging cost of raw materials used in batteries. That led Tesla to raise prices this year just as consumers were contending with rapid inflation and high interest rates. To clear its inventory, Tesla offered a rare $7,500 discount to customers who took delivery by the end of the year, effectively matching a potential federal subsidy that starts in 2023.

The company is also facing a growing competitive threat from major automakers that are slated to flood the market with a slew of new EVs over the next few years.

Despite that, the stock market is pricing in that Tesla will continue to post rapid growth and brokerage analysts are broadly more positive on the company than they were a year ago, when 29% of them advised selling the stock as it held over $350, according to data compiled by Bloomberg. Only 11% are doing so now that it’s dropped to around $123.

Tesla shares are trading at more than 24 times its forward 12-month estimated earnings, with GM and Ford hovering between 5 and 6. That reflects how much more rapidly Tesla’s sales are expected to increase in years ahead: While GM and Ford’s 2023 revenues are anticipated to expand by low single digits, analysts see Tesla recording 36% growth.

Concerns that the company might be struggling with eroding demand have grown in recent weeks, however, on news of the year-end discounts and a temporary production halt at its factory in China.

“There is risk to both pricing and volume” for Tesla, said Ivana Delevska, chief investment officer at SPEAR Invest. “Analysts are estimating 50% volume growth, which is a stretch in an environment where affordability is the focus point for the consumer.”

As Tesla slid recently, some analysts dialed back their 12-month price targets, dropping the average by 13% to $247. Morgan Stanley analyst Adam Jonas was among them, cutting his call to $250 from $330.

But, like those who have been buying the recent dip, Jonas remains bullish on the stock and kept his overweight rating. His target implies the stock price may more than double in 2023.

Former President Trump is already in the race. Other major contenders are openly contemplating bids. And speculation is swirling around big names who have so far kept their intentions quiet, such as Florida Gov. Ron DeSantis.

The battle for the Republican Party’s 2024 presidential nomination is guaranteed to be fierce. President Biden may have had a better midterms than many people expected, but his approval ratings remain tepid. 

Biden is vulnerable if he runs for a second term. If he doesn’t, there would be no runaway favorite to be the Democratic nominee. 

Either way, the GOP nominee in 2024 looks sure to have a solid chance of winning the White House.

Here are the people most likely to top the GOP ticket.

1. Florida Gov. Ron DeSantis 

Florida Gov. Ron DeSantis waves as he leaves a news conference at Bill Baggs Cape Florida State Park , Thursday, Dec. 1, 2022, on Key Biscayne, Fla. (AP Photo/Lynne Sladky)

DeSantis had by far the best midterms of any serious 2024 contender, winning reelection by almost 20 points in Florida, which had been considered a battleground state, at least until recently. 

His victory made a formidable argument that his embrace of culture war issues and his opposition to COVID-19–related lockdowns has paid off electorally.

DeSantis has continued in that vein since his victory, calling on the Florida Supreme Court to impanel a grand jury to investigate “any and all wrongdoing” with respect to COVID-19 vaccinations.

The move was derided by critics as a blatant play to the anti-vax element of the GOP base. But that won’t bother DeSantis at all.

The Florida governor came off his election campaign with about $90 million still in the bank across his accounts, and he has also drawn some GOP mega-donors to his side.

DeSantis has not provided many clues as to his 2024 intentions; it is simply assumed that he is contemplating a run.

If he gets in, he will have many assets — and some favorable tailwinds created by his main rival’s missteps.

2. Former President Trump

Former President Donald Trump arrives for a New Years Eve party at Mar-a-Lago, in Palm Beach, Fla., Saturday, Dec. 31, 2022. (AP Photo/Lynne Sladky)

Trump would have been the runaway favorite had these rankings been drawn up the day before the midterm elections.

Since then, virtually everything the president has touched has turned bad.

Some of his most prominent endorsees lost in the midterms. He committed a major unforced blunder when he had dinner with two antisemites, Ye, formerly known as Kanye West, and Nick Fuentes.

Trump’s campaign launch was lackluster and was not followed up by any of the big rallies from which the former president seems to draw energy. 

Trump got into yet another seemingly pointless controversy in early December when he called for the “termination” of parts of the Constitution — apparently to allow him to either be reinstated or to rerun the 2020 election.

While Trump is diminished, he can’t be at all counted out.

Republican voters retain a strongly positive impression of him, he can raise all the money he needs with ease and he could be a big beneficiary of a multicandidate field given the loyalty of his hardcore followers.

Trump’s allies point out that he is in a better position now than he was at the outset of his 2016 campaign. 

That’s true enough so far as it goes. But the former president looks more vulnerable, even in a Republican primary, than would have been predicted even a short time ago.

3. Sen. Ted Cruz (Texas)

Sen. Ted Cruz (R-Texas) speaks at an annual leadership meeting of the Republican Jewish Coalition, Nov. 19, 2022, in Las Vegas. (AP Photo/John Locher, File)

Cruz was Trump’s most serious rival in 2016, and he would be a significant player if he entered the race this time. 

He has been careful to keep the door open to that possibility, even though a White House bid would be complicated because he is also up for reelection to the Senate in 2024.

Cruz told reporters at a November news conference, following an appearance before the Republican Jewish Coalition, that he was running for reelection to the upper chamber. But, he added, “there will be plenty of time to discuss 2024 presidential … there will be plenty of time for that.”

Cruz’s appeal would be essentially unchanged from what it was in 2016: a fervent conservative, willing to mix it up with the media and attack Democrats in fiery terms.

DeSantis’s new prominence complicates the calculus significantly for Cruz, since he would have to both maneuver around Trump and prove himself a better alternative than DeSantis.

4. Former United Nations Ambassador Nikki Haley

Former U.N. Ambassador and former South Carolina Gov. Nikki Haley speaks during an event sponsored by Turning Point USA at Clemson University on Tuesday, Nov. 29, 2022, in Clemson, S.C. (AP Photo/Meg Kinnard)

Haley has been among the most candid of the major contenders about her intentions. 

She is mulling a presidential bid, saying at an event at Clemson University at the end of November, “We are taking the holidays to kind of look at what the situation is.”

She added: “If we decide to get into it, we’ll put 1,000 percent in, and we’ll finish it.”

Haley served Trump as U.S. ambassador to the United Nations and was previously the first female governor of South Carolina. 

Haley, the daughter of Indian immigrants, would bring a very different sensibility to the top of the GOP ticket than was the case with Trump.

Whether she can win the trust of the party’s base, however, might be another matter.

5. Former Secretary of State Mike Pompeo

Former Secretary of State Mike Pompeo speaks at the annual leadership meeting of the Republican Jewish Coalition, Friday, Nov. 18, 2022, in Las Vegas. (AP Photo/John Locher)

Pompeo, like Haley, has made no secret at all of the fact that he is contemplating a 2024 campaign.

In December, he told “Fox News Sunday” that he and his family were “thinking our way through this,” adding that “we have to get this right for America.” He suggested he would make a decision by spring.

Pompeo has foreign policy gravitas thanks to his time as the nation’s chief diplomat and, before that, as director of the CIA.

As a Fox News contributor, he also has an enviable platform from which to reach the Republican grassroots.

Bu the question for Pompeo has always been whether there is really a constituency for him, even among the Republican primary electorate. 

It’s seriously questionable whether there are passionate Pompeo backers in any significant number.

6. Virginia Gov. Glenn Youngkin

Youngkin came from relative political obscurity to win the governorship of Virginia in 2021.

The achievement won him instant fans among Republicans, not least because Biden had carried the state by around 10 points just a year before.

Youngkin’s strategy was also seen as offering an appealing template for Republicans nationwide — he neither tethered himself to Trump nor directly repudiated him. Instead, he reaped political dividends from making issues like education and “wokeness” central to his campaign.

A Youngkin presidential bid would be an intriguing one, though his relative lack of political experience would be an issue.

7. Former Vice President Mike Pence

Former Vice President Mike Pence speaks to an audience about his new book, Tuesday, Dec. 6, 2022, at Garden Sanctuary Church of God in Rock Hill, S.C. (AP Photo/Meg Kinnard)

The belief Pence will run for president is so strong that, in late December, reports gained steam that he had filed the necessary paperwork to launch — until a spokesman clarified that the paperwork appeared to be a hoax.

The spokesman, Devin O’Malley, emphasized in a series of tweets that Pence had “been saying that if there was an announcement to be made, it would [be] made in 2023!”

Pence had been putting more distance than before between himself and Trump, especially in a series of interviews he gave to promote his recent memoir. At the same time, he refers with pride to the achievements of the “Trump-Pence administration.”

It seems debatable, at best, whether Pence can thread that needle successfully in a GOP primary.

Several polls show him meeting sizable resistance among Republican voters — presumably from Trump loyalists who blame him for not joining the clearly unconstitutional effort to overturn the 2020 election.

8. Sen. Tim Scott (S.C.)

Sen. Tim Scott, R-S.C., speaks at an annual leadership meeting of the Republican Jewish Coalition Saturday, Nov. 19, 2022, in Las Vegas. (AP Photo/John Locher)

Scott coasted to election in South Carolina this fall and ended the campaign with more than $20 million still left over, according to OpenSecrets.

The only Black Republican senator, Scott is seen by his backers as one of the best options to unite the pro-Trump and Trump-skeptical wings of the GOP.  

He has criticized the former president on occasion, but never intemperately, and Trump supported his bid for reelection. At the same time, Scott is unimpeachably conservative in his record on everything from gun rights to health care.

Scott has also sought to reach across the aisle on occasion, working with Sen. Cory Booker (D-N.J.) to try to enact some level of policing reform. The effort ultimately failed.

Scott keeps a close inner circle, and no one outside it seems quite sure if he hankers for the Oval Office. 

Skeptics don’t think the fire burns within him, but intriguing trips to the key states of Iowa and New Hampshire tell a different story.

9. South Dakota Gov. Kristi Noem 

South Dakota Gov. Kristi Noem answers a question while taking part in a panel discussion during a Republican Governors Association conference, Tuesday, Nov. 15, 2022, in Orlando, Fla.

Noem, plainly on the MAGA wing of the party, could be an appealing choice for some pro-Trump voters, especially if the former president were to falter badly.

Noem has a compelling personal story, outlined in a recent memoir; a record of vigorous opposition to COVID-19–related restrictions; and a taste for the provocative — her staff gifted her a flamethrower as a Christmas present this year.

Noem was also ahead of every other major contender in banning TikTok from state-owned government devices, amid security concerns, recently. Numerous other governors have followed her lead on that issue.

Noem is a gifted communicator, though she would have to get past several bigger names if she were to make a serious run at the nomination.

10. New Hampshire Gov. Chris Sununu

New Hampshire Gov. Chris Sununu speaks at an annual leadership meeting of the Republican Jewish Coalition Saturday, Nov. 19, 2022, in Las Vegas. (AP Photo/John Locher)

Sununu is one of the leading lights of the more moderate or pro-establishment wing of the GOP. 

He won reelection handily in November, while a more extreme, Trump-endorsed Senate candidate, Don Bolduc, went down to defeat in his state.

Sununu is cut from somewhat similar cloth as other Trump critics who appear to be contemplating bids, including Arkansas Gov. Asa Hutchinson and former New Jersey Gov. Chris Christie.

But the bottom line is, it’s doubtful that any of those candidates can win the nomination in a party that has come to be dominated by its more fiery, populist wing.

(NewsNation) — Once the new year has been toasted, many will be going into 2023 sober as Dry January begins.

Dry January started in the UK thanks to a group dedicated to reducing harm from alcohol use. But social media helped the trend take off around the world, inspiring people to give up alcohol for the month.

The idea is to see what sobriety is like, starting the year off with a break from alcohol. The concept has gained traction since the pandemic, when alcohol use spiked as people struggled with quarantines and lockdowns. Without booze to turn to, people are challenged to find other coping mechanisms and explore ways to socialize that go beyond drinks with friends.

Experts warn Dry January can uncover alcohol problems people might not have been aware they had, so it’s important to be mindful for physical symptoms of alcohol withdrawal, like shaking, nausea, fever and hallucinations, which require medical attention.

Depending on how much someone is use to drinking, Dry January can be a challenge and in some cases it can get worse before it gets better. People may find themselves batting cravings for alcohol as well as sugar cravings. And while giving up drinking can improve sleep, withdrawal may cause sleep patterns to get worse before they get better.

For some, the decision to try Dry January can turn into a permanent commitment to sobriety. For others, the month may serve as a reset to examine drinking habits and approach alcohol in a healthier way. But even if people don’t quit permanently, they can still see health benefits from abstaining for a month.

One study found people who gave up alcohol for one month had an improvement in their metabolic health, even without making other changes to diet and exercise, reduced insulin resistance, lost weight and experienced a reduction in cancer-related growth factors.

Study results also suggest those who gave up booze for thirty days reported reduced alcohol consumption months down the line.

Some tips for making the most out of Dry January include setting goals, practicing your responses to people who offer you drinks and participating with friends so you can support each other.

Experts also advice making plans for alternatives to drinking. That can be coming up with other activities that let you be social without hitting the bar, like taking a class, getting involved in a recreational sport or diving into hobbies you’ve wanted to explore.

It can also be a good time to explore non-alcoholic wines or mocktails that can provide an alcohol-free drinks that are anything but boring.

Most importantly. though, experts say Dry January shouldn’t be treated as all or nothing. Some people may slip up but that doesn’t mean the month is a wash and it’s time to give up. Even if the month doesn’t go perfectly, it can still be an opportunity to learn healthier habits.

Leftist leader Luiz Inacio Lula da Silva was sworn in as president of Brazil on Sunday under tightened security in the capital Brasilia following threats of violence by supporters of his far-right predecessor Jair Bolsonaro.

After the swearing-in ceremony in Congress, Lula was due to drive in an open-top Rolls-Royce to the Planalto palace to don the presidential sash before a crowd of 30,000 supporters, while tens of thousands gathered to celebrate on Brasilia’s esplanade.

The mood in the city was tense after the most fraught election in a generation.

Lula, 77, narrowly defeated Bolsonaro in October to win an unprecedented third presidential term after a hiatus that saw him spend a year and a half behind bars on corruption convictions that were later overturned.

His 580 days in prison reinforced his sense of social justice and convinced him of the need to prioritize ending poverty over boosting profits, allies said.

In his previous years as Workers Party (PT) president from 2003-2010, the former union leader lifted millions of Brazilians from poverty during a commodity boom that buoyed the economy.

Now, he faces the daunting challenge of improving Brazil’s stagnant economy while also uniting a country that has become painfully polarized under Bolsonaro.

“A lot is expected of Lula. He’ll have the difficult mission to restore normality and predictability in Brazil, and above all to rapidly deliver results that improve the quality of life for its inhabitants,” said Creomar de Souza, director of Dharma Political Risk consultancy in Brasilia.

Bolsonaro left Brazil for Florida on Friday, avoiding having to hand over the sash to his rival, whose victory he has yet to recognize, while also removing himself from any immediate legal risks related to his time in office.

His supporters have protested for two months that the election was stolen and called for a military coup to stop Lula returning to office in a climate of vandalism and violence.

Police detained a man on Sunday who was carrying fireworks and a knife and tried to enter the esplanade for the inauguration, Brasilia police said.

On Christmas Eve, a Bolsonaro supporter was arrested for making a bomb that was discovered on a truck laden with aviation fuel at the entrance to Brasilia airport, and confessed he was seeking to sow chaos to provoke a military intervention.

In a thinly veiled dig, acting President Hamilton Mourao, who was Bolsonaro’s vice president, criticized his former boss for failing to lead the country and allowing anti-democratic sentiment to thrive after his October defeat at the polls.

“Leaders who were supposed to reassure and unite the nation … allowed silence or inopportune and deleterious protagonism to create an atmosphere of chaos and social disintegration,” Mourao said in a speech late on Saturday.

Mourao defended Bolsonaro’s four years in power for leaving a strong economy, but criticized environmental backsliding after deforestation in the Amazon reached a 15-year-high.

As tens of thousands of Lula supporters arrived in central Brasilia for Sunday’s celebrations, authorities deployed 10,000 police and troops to reinforce security and search participants, who cannot bring bottles, cans, flag masts or toy guns. Carrying firearms by civilians was also temporarily banned.

Organizers said delegations from 50 nations and 19 heads of state and governments, including the king of Spain, have confirmed their attendance.

On Friday, before flying to Florida, Bolsonaro delivered a teary address in which he condemned the Christmas Eve bomb plot as a “terrorist act” but praised his supporters who camped outside army barracks across the country calling for a coup.

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Brazilian President Luiz Inacio Lula da Silva’s 580-day stretch behind bars imbued him with a renewed sense of social justice, the leftist’s allies and confidants said, convincing him of the need to prioritize ending poverty over boosting profits.

Lula was sworn in on Sunday for an unprecedented third term, capping a dramatic turnaround for one of the world’s most enduring political leaders, who first ran for president in 1989.

Jailed for graft in 2018 – the year right-wing former President Jair Bolsonaro was elected – Lula’s convictions were overturned in 2019, allowing him to oust Bolsonaro in October’s election.

As he strives to unite a nation riven by economic woes, a bruising pandemic and Bolsonaro’s far-right populism, Lula is looking to his prison days for inspiration, allies and confidants told Reuters.

He learned from three failed presidential bids to tone down his leftist ideals and make peace with Brazil’s powerful private sector during his 2003-10 presidency. But Lula 3.0 plans to double down on fighting poverty, ending hunger, and attacking racism, allies said, while also rewarding loyal Workers Party (PT) jail visitors with key cabinet positions.

“Prison reinforced the sense that he has a duty above all to the poor in Brazil,” said Tarso Genro, a former PT governor of Rio Grande do Sul and a close Lula associate. “He went to prison strong and came out stronger.”

The more ideological Lula who emerged from jail in 2019 should not be a cause for concern, friends and allies said. He is still the same pragmatist who honed his powers of persuasion as a union leader in the Sao Paulo auto plants of the 1970s, they added.

Lula aides have encouraged comparisons with former South African leader Nelson Mandela, who spent over a quarter of a century behind bars as an opponent of the country’s apartheid.

But many on Faria Lima, the so-called “Brazilian Wall Street,” who fondly recall the business-friendly Lula of the early 2000s are holding their breath, worried that increased social spending and a loyalist cabinet will damage Brazil’s fiscal credibility and usher in a new era of graft-stained statism.

“The initial reaction to Lula 3.0 on Faria Lima is not favorable,” said economist Andre Perfeito, referring to the market dip after Lula’s spending proposal was announced. “Many investors bet on Bolsonaro winning and they almost got it right, so it is natural they are not happy.”

Recent cabinet appointments – including PT leader Fernando Haddad as finance minister – have also troubled some investors.

Lula also recently named PT stalwart and economist Aloizio Mercadante as head of national development bank BNDES, which during previous PT governments lent billions of reais to projects consumed by allegations of waste and graft, though bank officials have said they were transparent.

Lula’s spokesman Jose Chrispiniano said the president supported fiscal responsibility and believes that strengthening the economy is the best way to combat poverty.

“He does not see any contradiction between caring for the poorest and promoting growth. On the contrary, he thinks caring for the poor and giving them the opportunity to work and consume is what generates sustainable growth,” he told Reuters.

Lula’s new-found social awareness was ignited by reading books on race, slavery and hunger behind bars, as well as biographies of Fidel Castro and Nelson Mandela, according to his website. He also perused “Lulismo in crisis,” a critical review of his movement and its missteps by his former press secretary Andre Singer.

It was augmented by his relationship with Rosangela da Silva, or Janja, a PT activist 20-years his younger whom he married on release and who looks set to be a key political player. Lula became a widower when his first wife Mariza died the year before he went to jail.

Janja – who helped organize Lula’s election certification and Sunday’s inauguration, as well as advising on cabinet choices – was among hundreds of PT true-believers who camped outside his prison in the southern city of Curitiba.

“Good morning, President Lula,” his devotees would chant as the day began, followed by “Good night, President Lula,” as he went to bed.

From his 15-square-meter cell on the third floor of the Federal Police headquarters in Curitiba, Lula set about reorganizing the PT and managing his legal defense. It was there he planned the failed presidential campaign of Haddad, a regular visitor who lost to Bolsonaro in 2018.

When he left prison, Lula was determined to set the record straight on his imprisonment and said he wanted to be re-elected to clear his name in the people’s court. He called his imprisonment a political witch-hunt, fabricated by the right to keep him from running in 2018.

Another close aide, PT Senator Humberto Costa, said Lula matured politically in jail.

“What drove him to run again was the need to leave his mark, not just politically but historically, by bringing lasting change to Brazil,” Costa said.

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The future looks tough for public broadcasting, but its independence must not be compromised

Anyone who watched the finale of Strictly Come Dancing last month could be mistaken for thinking that all was right with the BBC. Viewing figures might have been down on the Covid years, but here was event TV that mustered all the resources at the corporation’s disposal – musicians, costumiers, lighting and sound technicians – into a glittering occasion that delivered a new success story for multicultural Britain: the lovable Sudan-born wildlife presenter, Hamza Yassin. One-third of the Reithian mission – to entertain – was jubilantly fulfilled. Yet those dipped figures (down to 9.2m, nearly 2m below the previous year) reflect a more difficult story that unfolded over its centenary year, calling into question what John Reith’s objectives – to inform and educate as well as to entertain – might mean as it moves into its second century.

In April, the corporation’s director general, Tim Davie, announced that, in order to meet government-imposed funding cuts, it would have to seriously reduce the number of programmes that it produces and was considering turning more television and radio stations into archive services, dedicated to recycling existing material. In October, the audio producers’ trade association wrote to the broadcasting regulator, Ofcom, pointing out that by April 2023, Radio 4’s drama output – a seedbed for talent – will have fallen by 50% since quotas that protected key genres were removed in 2017, calling into question the BBC’s commitment to developing writers and putting out one-off radio production.

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