Tesla, Inc. (NASDAQ:TSLA) stock has been going downhill since peaking in early November 2021. The weakness has intensified further after chief executive officer Elon Musk announced a passive stake in Twitter, Inc. (NYSE:TWTR) and followed it up with an offer for the social media giant.
What Happened: Amid the stock weakness, as an unintended consequence, Tesla's weighting in Cathie Wood-run Ark Invest's flagship ARK Innovation ETF (NYSE:ARKK) has fallen to the second position.
