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Only Apple Has Shed More Market Cap Than Tesla This Year
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Apple in my Eye

Only Apple has lost more value than Tesla this year

Tesla lost $380 billion in market cap this year. Apple lost twice that.

Rani Molla

Elon Musk’s public beef with President Donald Trump yesterday helped eviscerate a record $152 billion from Tesla’s market cap. And that’s only the latest trouble for the electric vehicle company.

Tesla has been having a very bad year so far. Despite promising a “return to growth” in vehicle sales this year, Tesla saw its biggest quarterly decline in deliveries ever in the first quarter. As a result, its Q1 earnings fell short of even lowered analyst expectations.

The company’s brand perception plummeted along with its CEO’s ascension to his position at DOGE as people around the world boycott the company. And despite what Musk has said to the contrary, Q2 sales aren’t looking good either.

Additionally, the company is facing increased competition from US automakers and China EV companies like BYD, while its aging lineup of inventory languishes in parking lots. It’s also facing pressure from tariffs on materials shipped from Canada and Mexico. Then, of course, there’s Trump’s “big, beautiful bill,” which could threaten about half of Tesla’s profits, JPMorgan calculated. Analysts expect deliveries and sales to decline this year compared with 2024.

All of this has combined to take a big hit to Tesla’s stock price and valuation.

Since December 31, 2024, Tesla has lost a total of $380 billion in market cap, according to data from FactSet from market close yesterday. To put that in context, only Apple, which has also had a terrible, no-good year thanks to Trump’s tariffs and trade war, has lost more in absolute market value. Of course, Apple is 3x the size of Tesla and as a result has much more to lose.

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Rani Molla

Amazon to lay off thousands more office workers on path to 30,000 cuts

Amazon plans to axe thousands of corporate workers next week, after laying off 14,000 back in October, according to Reuters. The new cuts could be “roughly the same” number as last time and may hit Amazon Web Services, retail, Prime Video, and human resources, the report said, citing people familiar with the matter.

The company plans to cut a total of 30,000 corporate positions as part of an effort to “streamline operations and reset its culture,” Business Insider reported separately, noting comments from CEO Andy Jassy, who said the earlier layoffs were “about culture” rather than AI-related cost cutting.

Exclusive: Amazon plans thousands more corporate job cuts next week, sources say

Exclusive: Amazon plans thousands more corporate job cuts next week, sources say

The company plans to cut a total of 30,000 corporate positions as part of an effort to “streamline operations and reset its culture,” Business Insider reported separately, noting comments from CEO Andy Jassy, who said the earlier layoffs were “about culture” rather than AI-related cost cutting.

Little Bay Beach

There are now more than 1 million “.ai” websites, contributing an estimated $70 million to Anguilla’s government revenue last year

Data from Domain Name Stat reveals that the top-level domain originally assigned to the British Overseas Territory of Anguilla passed the milestone in early January.

David Crowther, Claire Yubin Oh11h
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Claire Yubin Oh

TikTok closes deal to operate in the US

TikTok has finally sealed its deal to establish a majority American-owned joint venture to manage its US operations.

On Friday, the social media company announced that its US arm will now be led by three “managing investors” — Silver Lake, Oracle, and MGX, each with a 15% holding — while ByteDance retains 19.9% of the business, and a swath of other investors, including Michael Dell’s family office, round out the cap table.

The joint venture will be operated by a seven-person majority American board of directors, which includes TikTok CEO Shou Chew, with Adam Presser, previously TikTok’s head of operations, trust, and safety, as its CEO.

Though the valuation of the new venture has not been shared, Vice President JD Vance has previously cited the market value of TikTok’s US operations at about $14 billion, just topping Snap and lower than Pinterest.

The deal closes the platform’s battle, which kicked off in earnest in August 2020 when President Donald Trump first tried to ban TikTok over national security concerns. The announcement notes that the new TikTok USDS Joint Venture LLC will “secure U.S. user data, apps and the algorithm.” Trump celebrated the deal, which has been signed off by both the US and Chinese governments, per Reuters, in a Truth Social post, saying TikTok “will now be owned by a group of Great American Patriots and Investors, the Biggest in the World.”

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Rani Molla

Elon Musk says Tesla Robotaxis are operating without drivers, sending stock higher

Tesla CEO Elon Musk said that Tesla’s Robotaxis are now operating in Austin without a safety monitor. Tesla has been testing driverless cars in the area for about a month, and Musk had previously said the company would remove safety drivers by the end of 2025.

It’s unclear how many exactly of the roughly 50 Robotaxis the company operates in the area don’t have drivers. Tesla is “starting with a few unsupervised vehicles mixed in with the broader robotaxi fleet with safety monitors, and the ratio will increase over time,” Ashok Elluswamy, Tesla’s head of AI, posted shortly after Musk. Ethan McKenna, the person behind Robotaxi Tracker, estimates it’s two or three vehicles.

What is clear is that the move is good for Tesla’s stock, which is currently up 3.5%, extending its gains after Musk’s tweet. Morgan Stanley said yesterday that it considers the removal of safety drivers a “precursor to personal unsupervised FSD rollout.” Unsupervised Full Self-Driving is widely considered to be integral to the would-be autonomous company’s value proposition.

At the World Economic Forum earlier on Thursday, Musk said, “Self-driving cars is essentially a solved problem at this point.”

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