2024 Q1: Tesla's stock drops, making it the worst-performing S&P 500 stock, driven by disappointing earnings, price cuts, high interest rates, and layoffs.
Tesla's stock has fallen sharply in 2024, making it the worst-performing stock on the S&P 500 in Q1 due to a disappointing earnings report, industry price cuts, and high interest rates affecting demand. The stock has dropped 11% in the past week, near a 52-week low. Tesla's Q1 deliveries were down 9% from the previous year, and the company laid off 10% of its workforce later in April. With Tesla's stock having a higher valuation than traditional automaker peers, it raises questions about whether this is the right time to invest.
April 20, 2024
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