Tesla’s stock plummeted more than 6% after Chinese rival BYD announced plans to roll out autonomous vehicles (robotaxis) for the mass market. The sharp drop left Tesla barely holding onto its trillion-dollar valuation.
On Tuesday, Tesla shares fell 6.34% to close at $328.50, dragging its market capitalization down to $1.057 trillion—just above the $1 trillion threshold. This decline pushed Tesla from 7th to 8th place among U.S. companies by market cap, marking a notable slip in its ranking.
Tesla’s position has been volatile. Before Trump’s election, the company struggled and dropped out of the top 10 by market cap. However, after Trump’s victory on November 5 last year, Tesla’s stock rebounded, allowing it to reclaim and maintain the 7th spot for a significant period.
Tuesday’s sharp drop saw Tesla lose its 7th place ranking to Broadcom, pushing it down to 8th. Meanwhile, Warren Buffett’s Berkshire Hathaway is closing in from 9th place, making Tesla’s position increasingly precarious.
As of Tuesday, Berkshire’s market cap was $1.019 trillion, just behind Tesla’s $1.057 trillion. This suggests that the rankings may shake up further in the coming days.