Tesla's CEO Elon musk's fortunes have faced a substantial blow and that after the company's shares stumbled following an analyst downgrade and disappointing quarterly reports from smaller electric vehicle rals Tesla's stock price took on a nose dive on Thursday falling 5.5% to $210 after an HSBC analyst initiated coverage of the stock with a sell rating and a Target price of $133 the downgrade is the latest sign that invest are becoming more cautious about Tesla's stock which has been volatile in recent months now the sell rating comes at a time when Tesla is facing a number of challenges including increasing competition from drivers Rising costs and supply chain disruptions the company's also facing scrutiny from Regulators around the world for its self-driving technology and safety concerns now as for the Forbes valuation musk who owns about 133% of Tesla shares lost $8.7 billion on Thursday and that's more than $7 billion larger decline than that of any other billionaire however musk Remains the wealthiest person on the earth with an estimated net worth of $223.1 [Music] billion
