I mean, none of these people ever question Tesla’s valuation in the first place. Why is the stock losing all of this value?

Maybe it’s because Tesla sells a tiny number of units, cannot turn a profit without government subsidies, and produces by most accounts a really meh fleet of vehicles. There was no sane reason for it to be valued equally to the rest of the auto industry combined.

Even at half that value today, the number is beyond unjustifiable.