JAKARTA – Elon Musk’s company, Tesla Inc. (NASDAQ: TSLA), recorded a 15.4% drop in its share price at the beginning of this week, falling to USD 222.15.

This is the steepest one-day drop in TSLA’s share price in four years. Previously, in August 2020, the electric vehicle (EV) manufacturer’s shares had fallen by 21.1% in a single day.

According to data compiled by IDNFinancials.com, TSLA’s share price has even declined by nearly 50% from its peak on 17 December 2024. This drop has wiped out approximately USD 700 billion from TSLA’s market capitalisation.

Several banking and investment firm analysts have pointed out that the electric vehicle (EV) business remains the largest contributor to TSLA’s revenue. However, analysts note that this has not been enough to lift TSLA’s Earnings Per Share (EPS), at least by a quarter of its stock price.

“How much longer will [TSLA’s] stock price continue to diverge from its fundamentals?” wrote JP Morgan analyst Ryan Brinkman in January, quoted by Reuters, in response to TSLA’s latest financial release.

TSLA did not respond to requests for comment from several media outlets. However, Elon Musk, in a post on his personal X account, dismissed market concerns over TSLA’s shares.

“[Tesla] will be fine in the long term,” said Elon Musk, on Tuesday (11/2).

As of Tuesday (11/3) at 2:25 PM New York time, TSLA’s share price had rebounded by 4.96%. However, since the beginning of this year, its stock price is still down by 38.66%. (KR/ZH)