Tesla's market cap sinks below $1 trillion as stock slumps more than 8%

2 years ago by MicroWave to c/economics

Tesla shares have dropped dramatically since peaking in December, and Tuesday's decline pushed the company's market cap below $1 trillion.

KEY POINTS

Tesla shares sank 8% on Tuesday and have now lost most of their gains that followed Donald Trump’s election victory in November.
The stock has plunged 25% this year, while the Nasdaq is down just 1.5%.
Reuters reported on Monday that the company’s long-awaited upgrade of its partially automated driving system in China left owners unimpressed.

cmac 61 points 2 years ago

Wow, now they're only worth as much as the next 10 largest auto manufacturers combined. Their market cap is completely disconnected from reality. They should not be worth 4 times as much as Toyota.

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gibmiser 11 points 2 years ago

Well when they get the contract to manufacture us military personnel carriers the grift will be lucrative

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partial_accumen 9 points 2 years ago

I saw that headline, but then I saw this one:

GSA to shut down federal EV chargers nationwide

Isn't it going to be difficult to operate EV armored cars without chargers access to government chargers, as in, at government locations? Are these new armored EVs supposed to charge at a Tesla Supercharger in a Walmart parking lot?

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Bob_Robertson_IX 8 points 2 years ago

It's almost as if the point isn't to produce anything useful, but to move money from the tax payers to the ruling class.

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gibmiser 2 points 2 years ago

Inefficiency and incompetency is big money. They can fuck it all up now, and half ass fixing it later, for a premium too!

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crawancon 26 points 2 years ago

8 fucking percent from this zieg Heil mother fucker is ludicrously low.

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peoplebeproblems 5 points 2 years ago

It might be to you, but -25% over two months is typically not a great way to make money. It means to get back to where they were, they gotta climb 33% from where they are today.

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crawancon -1 points 2 years ago

damage to his companies hurts a lot of people greatly but him minimally.

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beeng 1 point 2 years ago

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sp451 22 points 2 years ago

Well, sales in Europe also dropped 45% https://www.theguardian.com/...

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