Tesla's value has fallen by $234 billion this year - that's more than McDonald's, Disney or Nike are worth

Stocks of automaker Elon Musk fell by 29% in less than 10 weeks, closing Wednesday at the lowest level since May.

As a result, Tesla's market value has dropped from nearly $800 billion to just over $550 billion - a total of $234 billion, which is more than the value of McDonald's ($212 billion), Disney ($202 billion), and Cisco ($199 billion), as noted by Business Insider.

This decline is also close to the market capitalization of Netflix ($259 billion) and Coca-Cola ($257 billion), and exceeds the value of American Express ($158 billion) and Nike ($148 billion). It is also more than double the size of Starbucks ($104 billion) and more than triple the size of Chipotle ($71 billion), FedEx ($62 billion), and Palantir ($58 billion).

The sharp decline in Tesla's shares has also led to a reduction in Elon Musk's wealth by almost $40 billion this year, to below $190 billion. The entrepreneur has now dropped to third place in Bloomberg's billionaire ranking, losing first and then second place to Bernard Arnault and Jeff Bezos.

Compared to the beginning of 2020, Tesla's shares have increased almost 5 times. However, they are down by 60% from the peak in November 2021, when the automaker was valued at $1.2 trillion.

Among the reasons for the decline in stocks are signs of decreasing demand for electric vehicles among consumers and car rental companies, such as Hertz. Tesla was also forced to lower prices in the face of stiff competition in China from companies like BYD.

It is also worth noting that Tesla's value is still more than 10 times higher than that of General Motors ($46 billion) or Ford ($49 billion).