Tesla's stock fell hard on Thursday, losing more than 10% after the EV maker reported weak earnings and received disappointing comments from Tesla CEO Elon Musk
. In what Barron's referred to as a mini-disaster, Tesla's shares fell to $217.47 at 300 p.m. ET on Thursday—a 10.39% loss on the day. Tesla's market cap fell to just over $681 billion after the company's Q3 report was released, hich showed the car company failed to meet expectations for Q3 gross margin, profit, and revenue. The company's market cap on October 17 was $809 billion.
Musk said he was concerned that the high interest rates would continue to dissuade buyers from purchasing EVs. 'If the macroeconomic conditions are stormy, even the best ship is still going to have tough times,' Musk said on the earnings call. The earnings call was so downbeat that Tesla saw about $100B in market cap erased in just over a day. For its Q3 report, Tesla reported $2.35 billion in revenue and $1.85 billion in profits—down from Q2.
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