Elon Musk’s Tesla has witnessed a staggering 29% plunge in its stock value within a mere 10 weeks, hitting its lowest point since May. This nosedive has led to a jaw-dropping $234 billion reduction in market capitalization, now resting just above $550 billion.

Outshining Giants: More Than McDonald’s, Disney, or Nike

The repercussions are significant, overshadowing the market values of corporate giants like McDonald’s ($212 billion), Disney ($202 billion), and Cisco ($199 billion). A stark comparison reveals that Tesla’s descent is in proximity to Netflix ($259 billion) and Coca-Cola ($257 billion), surpassing the valuations of American Express ($158 billion) and Nike ($148 billion). The tumble even doubles Starbucks ($104 billion) and triples Chipotle ($71 billion), FedEx ($62 billion), and Palantir ($58 billion).

Elon Musk Loses Ground: $40 Billion Personal Wealth Erosion

As Tesla’s stocks plummet, Elon Musk’s personal fortune dwindles by almost $40 billion in 2024, slipping below the $190 billion mark. This substantial loss in wealth shuffles the billionaire deck, knocking Musk from the pinnacle of Bloomberg’s rankings to third place, yielding to Bernard Arnault and Jeff Bezos.

Riding the Volatile Waves: From Soaring Highs to 60% Drop

While Tesla shares surged nearly fivefold since the beginning of 2020, they now stand diminished by 60% from their November 2021 peak at $1.2 trillion. The slump is attributed to ominous signs of decreasing demand for electric vehicles, exacerbated by Tesla’s price reductions amidst fierce competition in China, notably from companies like BYD.

Still Towering: Tesla’s Value Surpasses GM and Ford Combined

Despite the tumultuous descent, Tesla’s current valuation remains over 10 times that of industry stalwarts General Motors ($46 billion) and Ford ($49 billion), underscoring the enduring magnitude of Musk’s brainchild in the automotive landscape.