The new date is Dec 22, 2022, 04:03pmEST.
After the company increased discounts on its electric vehicles, investors grew more and more skeptical on the company's growth story, especially with Musk's head turned by the new apple of his eye, social media.
The cars are waiting to be shipped from Shanghai.
It is the third worst day of the year for the company, sending its market cap to $393 billion, which is 70% off of its peak.
Concerns about easing demand forTesla cars following its latest price cuts are "the straw that broke the camel's back" for the company, according to an analyst.
The fire has been fanned by Musk, as the decline of his company's stock coincides with his purchase of the social media company, as well as his appointment as CEO of the social media company.
Thursday was a bad day for the market, with the S&P 500 and tech-laden Nasdaq both falling. January 27 and April 26 were the two worst days of the year for the company. The Federal Reserve's interest rate hikes have been blamed for the slumping share prices of Musk's companies. The inverse relationship between equity prices and interest rates caused the decline in the stock price of the company, according to Musk. With the S&P down 21% year-to-date and the 499th-best performer on the index, more specific factors are at play.
The company has posted 13 consecutive profitable quarters, most recently posting a $3.29 billion profit in the three-month period ending September 30. The forward price-to-earnings ratio is a metric that measures analysts' confidence in a company's future growth by comparing projected earnings to current share price. Data on finance. The forward price-to-earnings ratio is lower than it was a year ago, and trails other high growth stocks.
The Musk-driven debacle is a disaster of epic proportions.
Our estimate of Musk's worth is down from a year ago. Musk is the second-richest man on the planet, but he is less rich than the third-richest man on the planet, Adani.
The stock market plunges as new risks fuel recession fears.
The market reacted to Musk's "Antics" as he was under fire.
The market cap of the company has been slashed by $700 billion in the last year.
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