Tesla lost $85 billion in one week

In addition, Tesla’s stock price is negatively affected by Musk’s own stock sale. Earlier this year, he unloaded $23 billion in securities to close a $44 billion deal to buy Twitter. The top manager has publicly promised not to sell shares for the next two years, but, according to Reuters, this is it it didn’t help.

Another factor was investor concerns about demand for electric vehicles. For example, last week Tesla announced $7,500 discounts for US residents on its two most popular models, which sent the stock down another nine percent.