Tesla Stock Drops on Report of Shelved $25K Car, Musk Denies but Shares Still Down

Tesla stock fell 6% on report it is shelving plans for a $25,000 affordable EV, erasing $32 billion in market value
Elon Musk quickly denied the report on Twitter, but stock still ended down 3.5%, or $19 billion
News comes after Tesla reported first year-over-year decline in deliveries since pandemic
Prominent investors blame Musk; stock down 33% in 2022 as Chinese rivals grab market share
Ford and others scaling back EV plans as market growth slows; unclear how scrapped $25K Tesla model will impact sales