Tesla has now erased 2 years of gains and is down7% today in another day of heavy selling.
Shares started the month near $200 and are now trading at $127.76, a level that was first hit in August 2020.
This looks a lot like tax loss selling but it's also a continuation in the loss of confidence in Elon Musk. His purchase of Twitter is already destined to be one of the worst M&A deals of all time, not only for the overpayment but for the destruction of the myth around the Tesla founder.
What's scary is that Tesla still trades at a dramatically higher multiple than other automakers and Tesla's competitors are coming hard for market share in EVs.
Greg has a great post on ARKK and TSLA.
