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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
-
Out of office: microretirement is trending in the workplaceThe explainer Long vacations are the new way to beat burnout
-
Will California tax its billionaires?Talking Points Proposed one-time levy would shore up education, Medicaid
-
Blue Origin launches Mars probes in NASA debutSpeed Read The New Glenn rocket is carrying small twin spacecraft toward Mars as part of NASA’s Escapade mission
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
