EV Giant, Tesla, Is No Longer One Of The Top 10 Most Valuable S&P 500 Companies

Tesla has slipped out of the top 10 most valuable S&P 500 companies, marking a significant decline in its stock performance. After losing its spot among the top seven stocks earlier this year, Tesla's shares closed down 2.3%, leaving it with a market capitalization of $553 billion, just below Visa. The drop follows a challenging outlook from Morgan Stanley analyst Adam Jonas, who cited decelerating demand for electric vehicles (EVs) and increased competition from hybrid vehicles. Despite analyst concerns and estimate cuts, there's a glimmer of hope for Tesla investors in a potential meeting between CEO Elon Musk and former President Donald Trump, which could impact the EV industry's future.