Tesla's stock has taken a nosedive, dropping below $150 per share and erasing all gains made over the past year. The electric vehicle maker is facing falling sales and steep discounts in an effort to attract more buyers. Shares in the company, owned by Elon Musk, fell nearly 4% in intraday trading on Thursday, marking the third worst week for the stock in 2024. Year-to-date, Tesla's shares are down 12.4% and over 39% for the year.

The company has also been hit with bad news regarding its employees. Tesla announced a global staff cut of 10%, amounting to about 14,000 jobs. This comes as Tesla tries to reinstate Musk's $56 billion pay package that was rejected by a Delaware judge earlier in the year. The stock slide has reduced the value of Musk's package to $44.9 billion.

Tesla's sales have also taken a hit, with a sharp decline in the last quarter as competition in the electric vehicle market increased and price cuts failed to drive more sales. The company reported delivering 386,810 vehicles in the first quarter, nearly 9% lower than the same period last year. Analysts have called these sales numbers an "unmitigated disaster" and are concerned about the company's future.

Deutsche Bank recently downgraded Tesla's rating, citing concerns over Musk's focus on autonomous vehicles and the company's shift to a “Robotaxi” strategy. Wall Street is expecting a decline in first-quarter earnings and is questioning any near-term growth catalysts for Tesla to reverse its stock slide. The delay in the release of a cheaper vehicle, the Model 2, has further added uncertainty to Tesla's future.

The company has also been forced to cut prices on some models by as much as $20,000 due to increased competition and slowing demand. Other automakers have also had to reduce electric vehicle production and prices to move inventory. U.S. electric vehicle sales growth slowed significantly in the first quarter, with overall market share declining.

In addition to the job cuts, Tesla announced the departure of two high-ranking executives this week. Andrew Baglino, the senior vice president of powertrain and energy engineering, is leaving after 18 years with the company. Rohan Patel, the senior global director of public policy and business development, is also departing.

With all these challenges facing Tesla, Musk will need to regain confidence on Wall Street and address the ongoing margin and demand issues to turn the company's fortunes around.