I believe the reason is much simpler - 2017-2019 was a peak of hopes for Tesla. New models, scaling up, Roadster, Semi, Cybertruck announced, the competition wa

I believe the reason is much simpler - 2017-2019 was a peak of hopes for Tesla. New models, scaling up, Roadster, Semi, Cybertruck announced, the competition was weak and sky was the limit. FSD / Robotaxi was promised to be ready in matter of weeks/months. The shares were around $20-25 (today's worth, taking in account the splits). I do not see any reason why it would be worth more than that. - Roadster and Cybertruck are not only late, they were even removed from their landing page. DOA. Ford, Rivian and even GM brought solid product (pickups) to the market and the fat cake is being eaten. - Semi was very late and doesn't look too promising. - FSD turned from an advantage to a huge liability. I believe it has now a negative value (current and potential future lawsuits). - competitors started producing comparable or better cars at better prices (VW ID3, Mercedes EQE, any EVs from Hyundai/Kia) - there's a strong perception of Elon being bored with Tesla. We've got a billion dollar ship with no captain. I do not believe in Elon's political involvement having such a great impact, other than taking his attention away.