Tesla is the biggest S&P 500 loser this year, down even more than Boeing

Story by gglover@insider.com (George Glover)

Tesla began the year as the newest member of the "Magnificent Seven" group after its stock racked up triple-digit gains in 2023.

• Tesla's 2024 is not going so well.
• The electric carmaker's shares have plummeted more than 30%, erasing about $230 billion of value.
• Slowing sales could continue to drag on Elon Musk's company, according to analysts.

Close to three months later, the electric carmaker holds a much less enviable title — it's the S&P 500's biggest loser year-to-date.

Tesla shares have plummeted about 30% year-to-date, wiping about $230 billion off the company's value.

The losses mean it's even lagging crisis-hit planemaker Boeing, which has tumbled almost 29% after a blowout on an Alaska Airlines 737 MAX fueled investors' fears about safety issues.

The gap was even wider at the end of last week, but Tesla shares were up almost 6% on Monday.

Signs of an EV sales slowdown have fueled the Tesla sell-off.

Elon Musk's company lost its crown as the world's top EV seller to upstart Chinese rival BYD last year, and there are signs that demand for its cars is weakening both in the US and elsewhere.