Tesla Inc.'s (NASDAQ:TSLA) shares declined over 3% in pre-market trade on Monday amid lower deliveries and a decline in brand image over Elon Musk's involvement in politics and Department of Government Efficiency (DOGE).
What Happened: Elon Musk's net worth has declined by over $52 billion this year, and over a $100 billion year-to-date decline, as per the Bloomberg Billionaires Index.
Tesla stock has lost over a third of its value since the start of the year, pushing the company's market capitalization below the $1 trillion mark for the first time since November.
Tesla’s California sales hit a four-year low, with researchers attributing this to Musk’s political actions.
Price Action: Tesla stock declined more than 3% during pre-market hours, after closing 0.3% down on Friday. Tesla shares have declined by nearly 35% year-to-date, according to Benzinga Pro data.
Benzinga Pro data shows analysts have a consensus "Buy" rating on the TSLA stock. Based on the three most recent analyst ratings from Wedbush, Baird and Bank of America Securities, the average price target of $433 implies an upside of 68%.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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