At its peak Tesla was valued more then the worlds nine largest car companies combined. This high stock price was mostly driven by retail investors. It became a kind of meme stock like GME or cryptocurrencies, whose value was not based on economic prediction but mostly hype and stories. A large part of institutional investors actually did bet against the stock. Tesla profited from that high valuation by selling extra stock to build up a nice cash buffer, this diluted the holdings of investors. Also Mr. Musk has sold some of his stock into the market. But more importantly the retail investor hype has died down now when people have to be more careful with their money because general economic outlook has tightened and stimulus checks have stopped. I think the Tesla stock price coming down to a more realistic level is actually a healthy thing for the company and the market in general. Meta i think reported the first period without user growth. The stock was still valued with an expectation of continued growth, so people now realized that their might be an end to that soon.