TECH - Tesla Stock Sheds $234B In 2024 So Far — Exceeds Market Cap Of McDonald's Disney And Nike | Benzinga
The market value of Tesla Inc (NASDAQ:TSLA) has plummeted by a staggering $234 billion this year, surpassing the combined worth of industry giants such as McDonald’s Corp ($212 billion), Walt Disney Co ($202 billion), and Nike Inc ($148 billion).
What Happened: Tesla’s market value has seen a significant decline of 29% in less than 10 weeks, reaching its lowest point since May this year, reported Business Insider on Thursday. This has caused the company’s market capitalization to drop from nearly $800 billion to just over $550 billion.
The decrease in value is almost equivalent to the entire market capitalizations of Netflix Inc ($259 billion) and Coca-Cola Co ($257 billion), and exceeds the total market value of American Express Company ($158 billion).
Despite the fact that Tesla’s stock is still up nearly five-fold since the beginning of 2020, it has dropped by around 60% from its peak in November 2021, when the company was valued at approximately $1.2 trillion.