Traders should now watch $250 as the next key level. A drop to that price would represent a 20% pullback from recent highs and return the stock to its longer-term bear market trendline. That target is likely to be tested within the next two weeks, barring any sharp reversal in Musk’s focus or tone.

Chinese electric vehicles are becoming far more attractive, rendering Tesla's cars less appealing, particularly in global markets.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.