Shares started trading at $278.79 after closing Wednesday just above $301.
The company’s earnings report on Wednesday showed a narrower-than-expected loss as Tesla continued to burn through cash — but investors seemed to have weathered all of that just fine. The stock ticked up a few percent immediately following the report.
It wasn’t until the company’s earnings call — during which CEO Elon Musk refused to answer what he called “boring bonehead questions” from analysts — that shares tanked.
As of Thursday’s open, the stock is down nearly 10 percent on the year and more than 25 percent off its 52-week high.