"Tesla Stock Drops After SAP Snub and Piper Sandler Price Target Cut"

Tesla shares dropped 4% following reports that Germany's SAP will no longer purchase electric cars from the company due to delivery delays and price fluctuations, as well as Piper Sandler's price target cut citing lower delivery expectations for the year. The stock hit its lowest point since May 2023, potentially losing nearly $24 billion in market capitalization. Additionally, U.S. safety regulators upgraded their probe into Tesla vehicles over power steering loss, while a report surfaced about Elon Musk's use of illegal drugs being known to several current and former Tesla and SpaceX board members. Despite the stock's decline, Tesla's forward earnings estimates still trade at a high multiple compared to its peers.