After soaring through 2023, 's (NASDAQ: TSLA) fortunes have suddenly changed in 2024.

The EV stock was the worst-performing stock on the S 500 in the first quarter, plagued by a disappointing earnings report, price cuts in the EV industry, and broader concerns about high interest rates weighing on demand.

The stock continued to slide in April as Tesla reported weak first-quarter deliveries, which were down 9% from the previous year, and it made the surprising move of laying off 10% of its workforce later in the month. The stock is down 11% in the past week, hovering near a 52-week low at a time when the S 500 is near an all-time high.

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Source Fool.com