Tesla shares plunged 15% on Monday, marking its worst trading session since September 2020 and bringing the company’s market capitalization below $700 billion.
It is a seventh straight week of losses for the electric vehicle maker and is the longest losing streak Tesla has recorded since it went public 15 years ago.
$TSLA has now lost over 50% of its value since the stock peaked at an all-time high of $1.5 trillion on December 17.
With Monday’s drop, Tesla stock has now forfeited more than all of its post-election gains.
Though all stocks have suffered in the past few weeks amid tariff threats, renewed inflation fears and concerns of slowing growth, the EV maker has seen the biggest drop on the S&P 500 so far this year and has fallen 45% since January.
Investors are worried
Price reductions in car models, reduced sales, and Musk’s involvement in the White House have investors on edge.
Declining sales in the US, Europe, and China have hurt the company. The drop in deliveries comes when global EV sales are rising.
Tesla’s old lineup also adds to its woes, with China’s cheaper and feature-rich BYD giving Musk’s company tough competition.
In Germany, Musk’s support for the far-right AfD party affected its registration, which tumbled 76% last month.
Back home, protests have erupted over the Tesla CEO’s role in cutting federal jobs and reducing foreign aid. Incidents include arson at Tesla charging stations and protests at dealerships.
Despite these issues, in January, Tesla’s Model Y remained the top-selling electric vehicle globally.