Tesla Shares Lose $50 Billion in 24 Hours

Tesla shares fell 5.6% on Thursday to their lowest level in more than four months, wiping $50 billion off the company’s market value in a single day.

The losses bring Tesla’s stock back to levels seen before Trump’s election win.

The losses come after brokerage Baird called the electric carmaker a “new bearish pick” and cut its price forecast for the stock to $370 from $440.

Marvell shares also fell 20% on Thursday, posting their biggest one-day loss in more than 20 years, despite the chipmaker reporting better-than-expected quarterly results.

After the results were announced, analysts questioned the company’s ability to perform well because of its reliance on a small number of customers, as it faces stiff competition from Asian companies.

Tesla CEO standing in front of the shattered glass