Shares of Tesla Inc (NASDAQ: TSLA) dropped 4.6% on Wednesday, as the S&P 500 and Nasdaq Composite also fell. The decline followed a record high on Tuesday and news that the California DMV found Tesla misled consumers with its marketing, giving the company 60 days to address the issue.

Tesla’s stock also faced pressure from concerns in the artificial intelligence trade affecting big tech. Despite issues in its core EV business, Tesla’s valuation remains tied to hopes of becoming a robotics and robotaxi company. However, some believe its current valuation is unjustified.

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Read more at Nasdaq: Why Tesla Stock Sank 4.6% Today