"Elon - you can't compare a very short duration bank with long duration $TSLA stock... Since you closed on TWTR, TSLA [is down] -38% vs NDX [Nasdaq 100] -1%. If it was all [interest] rates, NDX would be down a similar amount," Black tweeted at Musk.

In other words, while higher interest rates undoubtedly drag on stocks, that doesn't explain why Tesla has seen outsized losses since Musk closed his purchase of Twitter.

In any case, Black remains a Tesla believer and continues to own it, as does ARK Invest's Cathie Wood, who has been buying the dip all quarter.

Ultimately, Tesla investors shouldn't feel alone in their pain amid downtrodden stock prices this year. Between giants Apple, Microsoft, Alphabet, Amazon, and Meta, the tech sector's shed roughly $3.65 trillion in market value this year.