In recent months, Tesla Inc.’s stock has taken a huge hit, with shares tumbling nearly 70% from their all-time high. This has been driven by problems with production growth, a general feeling that the EV stock frenzy has been overdone, and of course the mercurial antics frontman Elon Musk. Tesla’s pre-Christmas drops increased its year-to-date drop. And Musk has personally sold $22.9 billion in Tesla shares to fund his takeover of Twitter which also hasn’t helped matters. When you add in Covid-related issues in China and global recession fears, Tesla looks vulnerable to more drops.

Building on this sentiment, many Wall Street analysts say Tesla’s current valuation is still bloated and unsustainable. Tesla could still have a long way down. In contrast, the sinking of the Titanic took just five minutes. Tesla’s plummet will take longer, but it appears to be leaking badly.

So, which will sink farther? Tesla’s stock or the Titanic? The answer depends on the forces that drive the stock. Tesla’s stock could continue to sink if the company fails to meet expectations or if the overall market continues to drop. On the other hand, the Titanic is already on the bottom of the North Atlantic Ocean’s floor and will not sink any further. The Titanic’s story is written, but Tesla’s is not.

Tesla’s stock has taken a huge hit in the last few months, but it is still the most valuable automaker by market cap. It still has a long way to sink if it’s heading to the bottom. But there is no guarantee of that. The company has laudable patents, a strong brand, good distribution and serious customer goodwill. However as the last few months hav shown, many invests fear the company is overhyped and over valued. Remember the Titanic was hailed as “unsinkable” as well, and we all know how that turned out.

Ultimately, it is impossible to say with certainty what is in store for Tesla. But Elon Musk’s populist, right wing moves have upset many current and future Tesla owners, the company faces production problems, the EV sector has become much more competitive with legacy automobile manufacturers such as GM and Mercedes making big moves, and Musk himself seems quite distracted. 2023 ought to be a very interesting tim for Tesla and its shareholders.