Tesla’s stock has been declining for a second consecutive day due to a sharp drop in European sales.
On Wednesday, Tesla’s shares fell 3.96% to $290.80 on the New York Stock Exchange, following an 8.39% drop the previous day.
Over the past five days, Tesla’s stock has decreased by 19.35% and fallen 28.48% over the past month.
As a result, Tesla’s market capitalization has shrunk to $935.3 billion, dropping to ninth place among U.S. companies. On Wednesday, Tesla was overtaken by Broadcom, whose market cap reached $999.8 billion, pushing Tesla down to ninth in market capitalization.