Tesla's Stock Plummets, Elon Musk Falls to World's Third-Richest

Amid a significant stock decline and market challenges, Tesla faces a tough outlook, though some analysts remain hopeful.

Tesla's stock fell by 4.5% to below $170 after Wells Fargo analysts downgraded the stock, predicting a further 30% decline.
Elon Musk's net worth dropped by $4 billion, making him the world's third-richest person behind Jeff Bezos.
Tesla has become 2024's worst-performing stock on the S&P 500, overtaken by companies like JPMorgan Chase in market value.
Despite the negative outlook, Wedbush analyst Dan Ives remains optimistic, maintaining a $315 price target for Tesla.
Tesla's challenges include cooling EV market demand, intensified competition, and disappointing vehicle delivery expectations.