- Tesla saw its value plunge by almost $56 billion in one day, an amount that dwarfs the individual market caps of Ford and General Motors.
- That was driven by a selloff in the EV maker's shares after it reported first-quarter earnings that missed estimates.
In just one day, Tesla saw its market value plunge by almost $56 billion, an amount that dwarfs the individual market capitalizations of two of its main American competitors: Ford and General Motors.
Elon Musk's electric-vehicle maker saw its market cap take a $55.7 billion knock on Thursday, per YCharts data, as its shares slid after the company released first-quarter earnings results that fell short of Wall Street estimates. The carmaker reported a 24% on-year slump in profit following its aggressive price cuts in recent months.
Ford's total market cap was $47.3 billion as of Thursday, while that of General Motors was $46.8 billion, according to YCharts data.
Tesla had a market value of $515 billion even after Thursday's stock selloff — making it the 9th most valuable company in the world, per data from CompaniesMarketCap. Shares in Tesla fell nearly 10% to $162.99 at Thursday's close.
Musk's personal fortune took a hit as turbulence across his companies wiped off $12.6 from the SpaceX, Tesla, and Twitter boss's net worth Friday, the biggest decline so far this year, according to Bloomberg's Billionaires Index. Sentiment toward his companies soured also after SpaceX's much-watched Starship rocket exploded during its maiden flight.
Bloomberg derives Musk's net worth from a 13% stake in publicly-traded Tesla, a 42% stake in the closely held SpaceX, and a 79% share in Twitter, a company he bought for $44 billion in 2022.