Tesla is the Only Loser Among AI Giants in 2024; Stock Value Dipped by 30% Year-to-Date

April 14, 4:12 pm

The world's most valuable car producer and one of the biggest AI companies, Tesla, is having a rough start in 2024. Unlike other AI giants, who saw their stock prices skyrocket amid the artificial intelligence renaissance that continued this year, Elon Musk's company has missed sales expectations and lost hundreds of billions of dollars in stock value in Q1.

According to data presented by AltIndex.com, Tesla is the only loser among AI giants in 2024, with its stock value plunging by 30% year-to-date.

More than $250 Billion Wiped off the Stock Value in Just Three Months

Unlike NVIDIA, Microsoft, Alphabet, and Meta Platforms, which continued adding trillions of dollars to their stock values amid the AI renaissance, the world's most valuable car producer, Tesla, has seen a severe plunge in sales and stock price. The once red-hot electric car maker and one of the so-called Magnificent Seven tech stocks has become the worst performer in the S&P 500 and the only AI giant that ended the first quarter with losses.

Slowing growth, safety issues and recalls, price cuts, and missed sales have had a major impact on Tesla's stock price, causing the company to lose hundreds of billions of dollars in just three months and pushing its market cap deep below the figures seen a year ago.

In April 2023, Tesla's market cap amounted to $586 billion. After a jump to $814 billion a month later, this figure plunged to $525 billion in May. This up-and-down trend, with the company adding and losing tens and even hundreds of billions of dollars in value, continued by the end of the year, but Tesla's market cap still climbed to $831 billion in December.

However, it was a downhill from there. By the end of January, the company's stock value plunged to $583 billion, showing a massive 28% drop in just a month and indicating that 2024 might be one of the most challenging years

Tesla has faced after COVID-19. Although the company's market cap touched almost $643 in February, the negative trend continued since then. Last week, the combined value of Tesla shares stood at $550.9 billion, showing a massive $250 billion plunge since the beginning of the year.

TSLA Price to Continue Falling by the End of the Year

And while a $250 billion loss in just three months might came as a shock to the US car producer, this could be just the start of a long-term price fall.

According to the alternative data platform AltIndex, which analyzes millions of data signals from thousands of publicly traded companies to forecast future price movements and overall company performance, investors should approach buying Tesla (TSLA) stocks with caution.

Based on its social media mentions, financial results, and neutral sentiment across popular stock forums, the AltIndex algorithm currently marks TSLA with a hold signal.

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