Tesla is no longer the biggest automaker in America. Following the recent plummet in the electric car company's shares, the top position now belongs to General Motors, valued at $52.7 billion to Tesla's $51.6 billion.
On Thursday, Tesla's stock fell another 5 percent, continuing its multi-day tumble. Since hitting an "all-time high" just two weeks ago, Tesla's shares had dropped by a total of 20 percent as of Thursday afternoon. Losses for the week now sit at 14 percent.
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High Tech editor Fred Hickey contended Tesla's stock "was pushed to ridiculous levels on the notion that the Model 3 would be a slam-dunk success," and he also noted that the company's "$100,000+ models aren't selling as well and are piling up in inventory." "This bubble stock is losing air rapidly, as it should," Hickey said.
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