Skip to main content

Tesla (TSLA) stock loses over $4 billion in value in one day over a series of bad news

Today, Tesla (TSLA) has lost just over $4 billion in market value after it was announced that an accident is under yet another federal investigation and several other bad news mostly related to self-driving technology.

The stock closed down -8.2% to $279.22 per share – one of the electric automaker’s worst one-day drops in a long time.

Tesla’s market capitalization dropped to about $47 billion.

The NASDAQ was down 3% today, which means that it’s not all on Tesla, but several announcements specifically affected the automaker today.

The day started with Waymo and Jaguar unveiling the new self-driving and all-electric I-Pace, which is not directly related to Tesla, but it’s a strong partnership that should put pressure on Tesla’s own effort to have a driverless ride-hailing service called ‘Tesla Network’.

Later in the day, Nvidia confirmed that it is suspending its self-driving testing in the wake of the Uber self-driving fatal accident:

“We are temporarily suspending the testing of our self-driving cars on public roads to learn from the Uber incident,”

The accident is putting more pressure on all companies developing self-driving technology and in the case of Nvidia, they are supplying processors for several self-driving programs, including Tesla’s.

Finally, the U.S. National Transportation Safety Board (NTSB) announced that they are sending 2 investigators to conduct a “Field Investigation” of a fatal accident involving a Tesla Model X that caught on fire in a crash.

All this news come just as the end of the first quarter of 2018 closes, after which Tesla will be announcing its delivery and production numbers for the quarter.

As we reported last week, the market will be looking at the Model 3 production, which is a make or break moment for Tesla.

The production ramp has been extremely costly for the company and they need to reach a higher production rate to start making money on the new electric vehicle.

Tesla will be confirming deliveries and production next week.

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.



Avatar for Fred Lambert Fred Lambert

Fred is the Editor in Chief and Main Writer at Electrek.

You can send tips on Twitter (DMs open) or via email:

Through, you can check out Fred’s portfolio and get monthly green stock investment ideas.