Tesla saw a $56 billion stock rout in a single day, an amount that dwarfs Ford's market cap - Autoblog

That was driven by a selloff in the EV maker's shares after it reported first-quarter earnings that missed estimates.

The automaker still has $515 billion in market cap - making it the 9th most valuable company in the world. In just one day, Tesla saw its market value plunge by almost $56 billion, an amount that dwarfs the individual market capitalizations of two of its main American competitors: Ford and General Motors.

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Elon Musk was grilled on Tesla's price cuts during the company's earnings call - AutoblogThe company has slashed its prices six times this year, and its profit margins have dropped as a result.
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