These early Tesla bulls are giving up on the stock


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Some of Tesla’s (TSLA-Q) institutional shareholders are getting out, convinced that the electric carmaker’s days of dizzying growth are in the rear-view mirror. The company’s shares are down nearly 30% this year and have fallen by more than 50% since their 2021 high, wiping out some $600 billion in market value as CEO Elon Musk has struggled with fierce competition and falling sales. Tesla’s first-quarter results missed analyst expectations, though Musk said the company would release new models in 2025 that would be more affordable. “It started to feel like the fundamentals were becoming detached from reality,” said John Belton,...