Tesla’s Value Dips Below $500 Billion in Blow to Stock Bulls
- Stock is down 37% this year, among biggest losers in S&P 500
- Weak sales, job cuts, executive exits all weigh on sentiment
This article is for subscribers only.
Tesla Inc. shares extended their decline for 2024, pushing the electric-vehicle maker’s market valuation briefly below $500 billion, as a round of job cuts this week underscored how much the company’s growth has slowed.
The stock closed down 2.7% at $157.11 on Tuesday in New York, after touching a low of $153.75 at one point in the session, and has fallen 37% this year. Tesla shares are the second-biggest decliner on the S&P 500 Index in 2024, erasing about $290 billion in shareholder wealth. The company hasn’t closed with a market value under $500 billion since late April of last year, and stayed narrowly above the mark as of Tuesday’s close.