Elon Musk's company is the second-worst performer in the S&P 500.
The legacy firms, shunned in recent years, are now viewed as offering a valuation discount.
After doubling last year, Tesla's stock price is down 22% to start 2024.
Tesla stock has been in a freefall over the past three months.
The latest selloff will cost Tesla its position among the 10 highest-valued companies in the S&P 500.
S&P Dow Jones said Tesla has fallen behind index peers. Elon Musk called ESG a "scam."
As indexes include more stocks like Tesla, will passive investors have to cope with higher volatility?
A fire at a Tesla factory in California was among the developments that dampened investor enthusiasm.
Wood has been among Tesla’s most ardent supporters, as well as one of 2020’s top stock pickers.
A company analyst pointed out that in the past two years Tesla shares have risen over 800%.
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