Tesla Slips to $383 as Valuation Fears and SpaceX Rally Weigh

Tesla shares fell 5% to $383 on June 23, extending weakness as investors rotated capital toward SpaceX and questioned the stock’s 200x forward earnings multiple. The drop followed a modest rebound above $400 after May China sales surged 22.5% YoY to 47,281 units. Despite Goldman Sachs raising Q2 delivery forecasts to 420,000 vehicles and positive FSD safety data, analysts trimmed EPS estimates and highlighted slower robotaxi timelines. Later articles through June 26 continued to flag underperformance versus peers and the broader market, with TSLA down over 15% in the past month.