Tesla's market capitalization plunged by $71 billion as part of a broader tech sell-off that wiped out $770 billion from megacap stocks. The significant downturn followed former President Donald Trump's announcement of a potential 100% tariff on Chinese goods and new export controls. This news led to a roughly 5% drop in Tesla's shares during trading on October 10, contributing to the Nasdaq's 3.6% and the S&P 500's 2.7% decline, marking the worst performance for both indexes since April. The market reaction reflects investor concerns over escalating trade tensions and their potential impact on major technology companies with significant exposure to the Chinese market.