The market capitalization of electric car maker Tesla, under the leadership of billionaire Elon Musk, has fallen by almost $700 billion, which is more than the total market value of most American companies, according to Markets Insider.

Tesla continued its spectacular slide in November, plunging earlier in the month to a market capitalization of just under $600 billion, less than half of its peak valuation of more than $1.2 trillion at the end of October 2021.

On October 25 last year, Tesla became the first car manufacturer in history to surpass the one trillion dollar threshold in terms of stock market value.

But now Tesla’s market cap has reached $530 billion, having lost another nearly $70 billion over the past 13 days.

Disaster figures for Tesla

The roughly $670 billion decline between last year’s high and Monday’s close in New York is larger than the combined market capitalization of companies such as Exxon Mobil ($457 billion) or JPMorgan ($390 billion).

The collapse in the value of the company under the leadership of Elon Musk is even more impressive when compared to the value of other famous companies such as Pepsi ($255 billion), Coca-Cola ($268 billion), McDonald’s ($201 billion), Disney ($178 billion), Nike (162 billion), Netflix (127 billion) or Starbucks (113 billion).

Among other major automakers, Tesla lost the equivalent of 12 companies the size of General Motors or Ford, worth roughly $56 billion each.

There are only 5 companies in the S&P 500 with a market capitalization greater than the $670 billion Tesla lost last year: Apple, Alphabet, Amazon, Microsoft and Berkshire Hathaway, billionaire Warren Buffett’s investment fund.

Reasons why the share price of Elon Musk’s company is collapsing

The dramatic decline reflects a broader exodus from so-called “growth stocks,” stocks of companies that rely on continued growth.

But Tesla has been a favorite target for a stock selloff amid historic U.S. inflation, rising benchmark interest rates and an increasingly likely recession for a reason that has to do with its business model: Musk’s automaker promises to deliver the most profits going forward.

And with the dollar losing value, government bonds offering better risk-free returns and other factors, Elon Musk’s promises are becoming less and less attractive.

Added to all these systemic factors is Musk’s recent decision to buy Twitter for $44 billion, and investors are worried that he will now be distracted from reforming the social media company, given the series of measures he has announced to do so.

In addition, Musk has repeatedly sold billions of dollars worth of Tesla stock in recent months, most likely to finance the acquisition of Twitter.

The icing on the cake, however, was two announcements made by the automaker late last week.

Tesla announced on Sunday that it is recalling more than 321,000 vehicles in the United States due to the possibility that the taillights may not always turn on. The news follows another recall announced Friday of nearly 30,000 Model X vehicles in the United States over a problem that could cause the front passenger airbag to deploy improperly.

Tesla’s stock price immediately fell 3% after the announcement.