Tesla shares fell below $200 before recovering slightly, but are still well off their intraday high of $299.29 on July 19. Analyst Gordon Johnson of GLJ Research suggests that Tesla's poor results are causing a potential mass exodus by big institutional investors, who account for about 42.74% of the total outstanding shares. Johnson points to Tesla's missed consensus estimate in Q2 2022, which led to a 50% drop in the stock over the next six months. He warns that the situation could repeat itself given the company's worsening results.