Tesla's Market Value Plummets Below $500 Billion Amid Growing Concerns

Tesla's market valuation has dropped below $500 billion as its shares continue to decline, erasing about $290 billion in shareholder wealth this year. The company's growth has slowed, leading to job cuts and executive departures, and its first-quarter sales were significantly below expectations. Analysts and investors are concerned about the company's pivot away from making a cheaper electric vehicle and its focus on building a robotaxi, as well as its ability to solve the problem of self-driving cars. The fading interest in electric vehicles globally is posing a more dire scenario for Tesla shares, especially as Chinese EV-maker BYD Co. has overtaken Tesla as the world's biggest seller of electric cars.