Tesla CEO Elon Musk’s fortunes have faced a substantial blow as the company’s shares stumbled following an analyst downgrade and disappointing quarterly reports from smaller electric vehicle rivals.

Tesla’s stock price took a nosedive on Thursday, falling 5.5% to $210, after HSBC analyst Michael Tyndall initiated coverage of the stock with a sell rating and a target price of $133. Tyndall’s downgrade is the latest sign that investors are becoming more cautious about Tesla’s stock, which has been volatile in recent months.

Also Read | “AI Will Replace Need For All Jobs And Create Universal High Income”: Elon Musk

The sell rating comes at a time when Tesla is facing a number of challenges, including increasing competition from rivals, rising costs, and supply chain disruptions. The company is also facing scrutiny from regulators around the world over its self-driving technology and safety concerns.

According to Forbes Magazine, some other electric vehicle stocks are sliding, like American electric car maker stocks Rivian (shares down 10% on Thursday) and Lucid (down 5%) after the pair each reported earnings, which disappointed investors Tuesday, with each company on track to burn through billions of dollars in cash this year.

As per the Forbes valuation, Mr Musk, who owns about 13% of Tesla shares, lost $8.7 billion Thursday, a more than $7 billion larger decline than that of any other billionaire, according to Forbes’ calculations. Musk remains the wealthiest person on earth with an estimated net worth of $223.7 billion, though that remains about $100 billion below his peak fortune of $320 billion achieved in November 2021, when Tesla was valued at over $1.2 trillion.

Indian cuisine made it to the global platform yet again as three Indian chefs from Chicago, Washington DC, and New York were recently awarded Michelin Stars – the highest honour in the world of gastronomy. The chefs who made it to the Michelin Star list are Vijaya Kumar, Chetan Shetty, and Sujan S. Chef Vikas Khanna took to social media to give a shout-out to the achievers and penned a heartfelt note on the occasion. He began the post by stating, “Diwali has arrived a little early in the United States.”

Chef Vikas referred to the achievement as a “milestone,” and wrote, “Salute to all the 3 Indian Chefs who got Michelin Stars yesterday in New York. Michelin Guide announced the NY, Chicago & DC winners and I salute all the chefs who received the stars. What an honor. What an honor for India, our hospitality & cuisine. NY – @chef.vijayakumar, DC – @chefchetanshetty, Chicago – @chefsujans.”

The post further read, “I’m cheering for the day when every guide will have an Indian restaurant with the stars around the globe.”

Also Read: ‘Not Just Passionate, I Am Obsessed’: Michelin-Star Chef David Myers Gets Candid

Read the complete post below:

If you are yet to know who these chefs are, then stay back, as we help you know them better.

1. Chef Vijaya Kumar, New York:

Chef Vijaya Kumar leads the kitchen at Semma in the bustling New York City Semma, which means awesome in Tamil and offers the most delicious South Indian delicacy in the bustling city. In fact, Semma is also known to be the only Indian restaurant to receive a Michelin star – the restaurant got its first recognition in 2022.

2. Chef Chetan Shetty, Washington DC:

Chef Chetan Shetty heads a fine dining restaurant in Washington DC, named Rania. Conceptualised by the owners of another iconic restaurant Punjab Grill DC, Raina offers Indian cuisine in a new and transformed version for a unique experience.

3. Chef Sujan S, Chicago:

Chef Sujan Sarkar heads Indienne in Chicago. Indienne is a modern fine dining restaurant that offers progressive Indian food to the patrons. You will find the set vegetarian and non-vegetarian menu for a curated meal experience, along with a la carte dishes at the establishment.

Pakistani citizens looking to secure new passports are facing a bizarre hurdle in the process — lamination paper shortage.

Reports say the country has been hit by a massive scarity of lamination paper that has led to a nationwide shortage of the travel document. Thousands who need to fly out of the country for study, work, or leisure are now struggling to obtain the green-coloured book with no end to their ordeal in sight, a report by the Express Tribune said.

Students in Pakistan are stuck at home with approved visas to pursue degrees in UK or Italy, waiting on their passports to arrive. Many are scared the endless wait might lead to them losing this opportunities, threatening to shatter their aspirations.

“My student visa for Italy was recently approved and I had to be in the country in October. However, the unavailability of a passport robbed me of an opportunity to leave,” Hira, a student, said.

The country, which imports lamination papers from France, faced similar delay in printing in 2013 due to the The Directorate General of Immigration & Passports (DGI&P) owing money to printers and a lack of lamination papers.

Qadir Yar Tiwana, the Director General for Media of the Ministry of Interior, assured that the government was trying to end the crisis as soon as possible. “The situation will soon be under control and passport issuance will continue as normal,” he said.

Many residents complained of receiving messages from the DGI&P telling them their passport was ready for pickup but when they reached the passport office they were turned away. “Ever since September the passport office has been stating that your passport will come next week but multiple weeks have passed and they keep repeating the same,” said Muhammad Imran, a resident of Peshawar.

Reportedly, the passport offices in Pakistani cities are also clueless about when the process could be restarted. A senior officer Peshawar passport office, told The Express Tribune, that they could presently only process 12 to 13 passports per day as compared to 3,000 to 4,000 passports per day earlier. Their best guess? Another month or two of wait.