The electric-vehicle maker’s market valuation has shrunk to roughly $357 billion, below that of Walmart, JPMorgan Chase, and Nvidia.
This latest selloff will cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it has held since joining the benchmark in December 2020.offering US consumers
“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimated revenue growth “is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.
The hope that Tesla will be the leading EV company in a future dominated by electric cars drove a spectacular eight-fold rally in the shares in 2020, earning its place in the S&P 500 and at one point making it the fifth-most valuable stock in the gauge.But this year the unwinding has come equally fast.
Wall Street analysts started flagging warnings about EV demand earlier this month, with the average 12-month price target for Tesla falling 10% since the end of November. Meanwhile, the average adjusted earnings estimate for 2022 has declined over 4% from just three months ago.
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