Tesla’s stock drop has been bad. But this company has hurt investors even more.

Elon Musk has been trying this week to defend Tesla’s abysmal stock performance in 2022. The electric vehicle giant has seen its stock plummet by 61% this year, making it the 11th-worst performing stock in the S&P 500 in 2022.

“As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are *not* guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop,” Musk tweeted.

You might expect that Tesla’s stock drop has wiped out more investor wealth than any other stock in the world this year. But you would be wrong.

If we look at declines in market capitalization — the value of companies’ common-shares outstanding — Tesla
has been the fourth worst-performing stock in the benchmark S&P 500 this year, as of 1 p.m. ET on Dec. 21:



2022 market cap change ($bil)

Intraday market cap on Dec. 21 ($bil)

Dec. 31, 2021 market cap ($bil)

2022 price change

Amazon.com Inc.






Apple Inc.






Microsoft Corp.






Tesla Inc.






Meta Platforms Inc. Class A






Nvidia Corp.







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