Tesla Lags S&P 500 Sharply Since 2022 Split as $10K Grows to Just $12,800

On June 26, 2026, market commentary highlighted Tesla's continued underperformance since its August 2022 3-for-1 split. A $10,000 pre-split investment is now worth about $12,800 after a 28% gain, far trailing the S&P 500's 77% rise and equivalent $17,800 ETF value. The lag stems from intensified EV competition, margin pressure, brand damage linked to Elon Musk's political activity, and falling auto sales in 2024-2025. Tesla's Q1 results showed revenue up 16% to $19.3 billion, yet net income fell to just $47.7 million. The company is now valued more on speculative bets like Optimus and unsupervised FSD than core auto growth.