Tesla Stock Hits 8-Month Low Amidst Multiple Challenges

Tesla's shares plummet following reports of SAP's decision to stop purchasing vehicles, a Delaware court ruling against Musk's compensation, and a downgrade in price target by Piper Sandler.

• Tesla's stock fell nearly 4% to an eight-month low after SAP announced it would stop purchasing Tesla vehicles due to delivery delays and price fluctuations.
• A Delaware court struck down Elon Musk’s 2018 compensation package, citing flawed approval processes and Musk's close ties with board directors.
• Piper Sandler cut Tesla's price target due to lower delivery expectations for 2024, forecasting a growth rate of about 7% against Musk's long-term target of 50%.
• U.S. safety regulators have upgraded their probe into Tesla vehicles over power steering loss, a step before potentially demanding a recall.
• Despite the challenges, Tesla's stock trades at 57.75 times its 12-month forward earnings estimates, significantly higher than its peers among the Magnificent Seven stocks.

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