Tesla Inc. (TSLA, Financial) has seen its shares continue to fall throughout 2024, with the company’s market capitalization dropping below the $500 billion mark. This decline is attributed to a series of layoffs that highlight the slowdown in the company’s growth.
On Tuesday in New York, Tesla’s stock price plummeted by as much as 4.8%, dropping below $154 at one point, and has decreased by approximately 37% over the year. This makes Tesla the second largest loser in the S&P 500 Index for 2024, wiping out nearly $290 billion in shareholder value. This is the first time since late April of the previous year that the company’s market value has fallen below $500 billion.
JPMorgan Chase & Co. analyst Ryan Brinkman has indicated that the reduction in workforce and production capacity signifies a significant shift away from the rapid growth previously priced into Tesla’s shares, posing a considerable downside risk for the stock. According…
