Tesla Loses $80 Billion in Market Cap Intraday, Stock Down 24%, Eyes $230

Tesla Inc. experienced a significant drop in market capitalization, losing approximately $80 billion intraday following a media report. The decline in Tesla's stock price, which fell by 24%, has sparked varied reactions among market observers. Some attribute the drop to overconfidence, while others point out that the stock had previously surged by 50% in just 12 days. The company's lack of comment on the situation has also drawn criticism. Deepwater Asset Management co-founder Doug Clinton remarked that Tesla, more than any other stock, is a powerful religion for its investors. Jim Cramer had earlier commented on Tesla shorts, and the stock is expected to see $230.