https://www.forbes.com/sites/jonathanponciano/2022/05/24/tesla-stock-losses-top-575-billion-as-investor-patience-wears-thin-with-elon-musks-twitter-circus-show/ Explore * Billionaires + All Billionaires + World's Billionaires + Forbes 400 + America's Richest Self-Made Women + China's Richest + India's Richest + Indonesia's Richest + Korea's Richest + Thailand's Richest + Japan's Richest + Australia's Richest + Taiwan's Richest + Singapore's Richest + Philippines' Richest + Hong Kong's Richest + Malaysia's Richest + Money & Politics + 2020 Money * Innovation + All Innovation + 5G + AI + Big Data + Cloud + Cloud 100 + COP26 + Consumer Tech + Cybersecurity + Enterprise Tech + Future Of Work + Games + Google Cloud BrandVoice | Paid Program + Healthcare + Innovation Rules + SAP BrandVoice | Paid Program + Science + ServiceNow BrandVoice | Paid Program + Social Media + Splunk BrandVoice | Paid Program + Sustainability + Venture Capital + Wind River BrandVoice | Paid Program * Leadership + All Leadership + Careers + CEO Network + CFO Network + CHRO Network + CIO Network + CMO Network + CxO + Deloitte BrandVoice | Paid Program + Diversity, Equity & Inclusion + Education + Forbes EQ | Paid Program + Forbes The Culture + ForbesWomen + Leadership Strategy + PwC Cloud and Digital Transformation BrandVoice | Paid Program + Under 30 + Working Remote + Over 50 * Money + All Money + Banking & Insurance + ETFs & Mutual Funds + Fintech + Hedge Funds & Private Equity + Investing + Investing Basics | Q.ai + Markets + Personal Finance + Premium Investing Newsletters + Retirement + Taxes + Top Advisor | SHOOK + Wealth Management * Forbes Digital Assets + All Forbes Digital Assets + Dashboard + Traded Assets + Research + Events * Business + All Business + Aerospace & Defense + Energy + Food & Drink + Hollywood & Entertainment + Manufacturing + Media + Mitsubishi Heavy Industries BrandVoice | Paid Program + Policy + Retail + SportsMoney + Tableau BrandVoice | Paid Program + Transportation * Small Business + All Small Business + Entrepreneurs + Franchises + Small Business Strategy * Lifestyle + All Lifestyle + Arts + Boats & Planes + Cars & Bikes + Dining + ForbesLife + Forbes Travel Guide + Spirits + Style & Beauty + Travel + Vices + Watches * Real Estate + All Real Estate + Commercial Real Estate + Forbes Global Properties + Residential Real Estate * Store + All Store * Vetted + All Vetted + Gear + Health & Wellness + Home & Kitchen + Style + Tech & Electronics * Coupons + All Coupons + Purple + Squarespace + Verizon + Lululemon + AT&T + Lowe's + Brooks Brothers + Tory Burch + Dr Martens + Dell + Chewy * Advisor + All Advisor + The Best Credit Cards Of 2022 + Best Balance Transfer Credit Cards + Best Cash Back Credit Cards + Best Travel Credit Cards + Best Business Credit Cards + Today's Mortgage Rates + Today's Refinance Rates + Best Mortgage Lenders 2022 + Best Crypto Exchange 2022 + Best Life Insurance + Best Travel Insurance 2022 + Covid-19 Travel Insurance + Car Insurance Companies + Cheapest Car Insurance + Pet Insurance + Personal Loans + Debt Consolidation Loans + Student Loan Refinance + Business Loans + Forbes Advisor UK + Calculators * Health + All Health + Mind + Online Therapy + Body + BMI Calculator + Calorie Calculator + Family + Due Date Calculator + Healthy Aging + Medical Alert Systems + Hearing Aids + Walk-In Tubs + Health Insurance + Medicare Advantage Plans * Lists + All Lists * Video + All Video * Newsletters + Crypto Confidential + Editorial Newsletters + Investing Digest + Premium Investing Newsletters * Forbes Magazine + All Forbes Magazine + Forbes Asia + Free Issue of Forbes * Latest + Coronavirus Coverage + Daily Cover Stories + Dark Capital + Editors' Picks + Visual Web Stories * Featured + 4 Steps To Help Your Kids Build Smart Money Habits + 30 Under 30 2022 + Best-In-State Wealth Advisors + DNA of Success + NTT DATA BrandVoice | Paid Program + Right Now In Tech: PyCon U.S. 2022 + The Forbes Entrepreneurial CMO List: 2022 + The Leukemia & Lymphoma Society BrandVoice | Paid Program * Advertise with Forbes * Report a Security Issue * Site Feedback * Contact Us * Careers at Forbes * Tips * Corrections * Privacy * Do Not Sell My Personal Information * Terms * AdChoices * Reprints & Permissions (c) 2022 Forbes Media LLC. 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You may opt-out by clicking here Breaking 19 minutes ago 'Fearless Girl' Sculptor Auctioning First Cast For Private Placement Amid Legal Battle 41 minutes ago Candidates Can Be Disqualified For Being 'Insurrectionists,' Court Rules In Madison Cawthorn Lawsuit 53 minutes ago Ford To Pay $19.2 Million In Multistate Settlement Over False Advertising Allegations 55 minutes ago Billionaire Boehly's Group Gets Chelsea FC From Abramovich--With U.K. Approval 1 hour ago Suspect In NYC Subway Shooting Reportedly In Custody For Fatal Shooting Of Goldman Sachs Employee 2 hours ago Emily Weiss Steps Down As Glossier CEO Months After Company Layoffs 2 hours ago Netflix Under Fire--Again--Over Trans Jokes, This Time By Ricky Gervais 3 hours ago Tesla Stock Losses Top $575 Billion As 'Investor Patience Wears Thin' With Elon Musk's Twitter 'Circus Show' 3 hours ago World Outrage Grows Toward Russia--This Time Over Food Crisis Sparked By Invasion 4 hours ago Housing Market Boom 'Is Over' As New Home Sales Implode-Here's What To Expect From Prices This Year 4 hours ago Atwood Auctions 'Unburnable' Edition Of 'Handmaid's Tale' To Protest Book Bans 4 hours ago Pelosi Joins Biden, Kerry, Giuliani And Other Catholics Threatened With No Communion Because Of Abortion Support 5 hours ago Billionaire MacKenzie Scott Giveaway Goes On: Donates Over $120 Million To Big Brothers Big Sisters 5 hours ago California Bill Would Prohibit Texas Abortion Ban From Being Enforced In California 5 hours ago Walmart Pulls Juneteenth Ice Cream After Cold Social Media Response 6 hours ago 200 More Bodies Found In Mariupol--Ukraine's Civilian Death Toll Approaches 4,000, UN Reports 6 hours ago Stock Market Selloff Resumes As Snap's 40% Plunge Drags Tech Shares Lower 6 hours ago EXCLUSIVE: ISIS Plotting To Assassinate George W. Bush In Dallas 6 hours ago Navalny Faces Harsher Prison After Losing Appeal--Blasts Putin's Lies, 'Pointless' War 7 hours ago Hungary Reportedly Won't Discuss EU Ban On Russian Oil--Crushing Brief Moment Of Hope For Cursed Embargo 7 hours ago Billionaire Moderna CEO Stephane Bancel Pledges Stock Options Worth $355 Million To Undisclosed Charitable Causes Edit Story Breaking Investing Tesla Stock Losses Top $575 Billion As 'Investor Patience Wears Thin' With Elon Musk's Twitter 'Circus Show' Jonathan Ponciano Forbes Staff May 24, 2022,01:21pm EDT| Updated May 24, 2022, 04:10pm EDT * Share to Facebook * Share to Twitter * Share to Linkedin Topline Shares of Tesla sank to an 11-month low on Tuesday after a bearish analyst note tacked on to a flurry of concerns for the electric-vehicle maker and high-profile chief Elon Musk--even as one of the firm's staunchest bulls doubled down on its massive investment. Shares of Tesla plunged to an 11-month low on Tuesday. Getty Images Key Facts Tesla stock fell 7% to $628 on Tuesday, pushing the stock down nearly 49% from its all-time high in November and wiping over $30 billion from Tesla's market capitalization, which has fallen to $650 billion from a peak of more than $1.2 trillion. Prompting the steep decline, Daiwa analyst Jairam Nathan on Tuesday morning lowered his price target for Tesla shares to $800 from $1,150--telling clients Covid lockdowns in Shanghai, where the electric-vehicle maker operates its so-called Gigafactory, as well as supply issues impacting its Austin and Berlin plants, will cut deeper into earnings than previously expected. Nathan forecasts the headwinds will push deliveries this year down by 180,000 vehicles, meaning Tesla will deliver 1.2 million vehicles this year, as opposed to the 1.4 million units previously expected. The note comes one day after Wedbush analyst Dan Ives cautioned Twitter's shareholder meeting this week will "surely kick off some more fireworks" between Musk and the social media firm's board, adding to the "major overhang" as investors worry the proposed takeover could divert his attention from Tesla. "Tesla investor patience is wearing very thin," Ives said about the resulting back and forth, with Musk suggesting he'll lower his offer due to concerns about bots on Twitter, while the company's board says it won't alter the deal. Despite the bearishness, Ark Invest, the New York City investment firm helmed by famed stock-picker Cathie Wood, disclosed it bought $10 million in Tesla shares on Tuesday--adding to its stake for the first time since February less than a week after the stock lost its top spot on Ark's flagship fund to streaming giant Roku. Crucial Quote "This [takeover] circus show has been a major overhang on Tesla's stock and has been a black eye for Musk so far," Ives said Monday, adding that "major market pressure for tech stocks" has only added to the uncertainty. Key Background Shares of Tesla have racked up big losses since Musk suggested he would sell about 10% of his stake in November, with prices only collapsing further as the broader market struggles in the face of rising interest rates. Adding to concerns for Tesla, however, "the worst supply chain crisis seen in modern history" has threatened the firm's production in highly profitable China, notes Ives. The tech-heavy Nasdaq has plummeted 29% this year. Tesla, meanwhile, has plunged 47%. Tangent Even though its stock has struggled, Tesla reported its most profitable quarter in company history last month, posting $3.3 billion in first-quarter income fueled by record deliveries. Big Number $199 billion. That's how much 50-year-old Musk, the world's richest person, is worth, according to Forbes. Further Reading Elon Musk Goes On The Attack After Tesla Cut From S&P ESG Index (Forbes) Tesla Stock Plunge Wipes Out $128 Billion In Value As Twitter Deal Sparks Fears (Forbes) Follow me on Twitter. Send me a secure tip. Jonathan Ponciano Jonathan Ponciano * Editorial Standards * Print * Reprints & Permissions [ ]