Tesla Shares Drop 5% After HSBC Initiates Sell Rating, Elon Musk's Net Worth Falls $9 Billion, $39B Market Cap Loss

Tesla shares dropped 5% after HSBC initiated coverage with a Sell rating, calling it a 'very expensive auto company.' This led to a $39 billion market capitalization loss and a 11th-largest daily percentage drop in 2023. Elon Musk's net worth fell by $9 billion as Tesla stock slid to $210. Top investors defended Tesla's bull case after the stock slide on the HSBC report.