It's preposterous to suggest that the company's true valuation, the offices, equipment, intellectual property and other assets declined over 20% in value from the day before, and within a few days soared 30% higher in value. The only logical explanation is companies and stocks are only loosely correlated.
Tesla's declining share price is a result of increased, not decreased correlation between the stock price and the company's performance.
Tesla reported a net loss of $49.8 million. Operationally, Tesla hasn't posted a profit yet. Revenue climbed 10% from the same period last year, albeit only 1% above last quarter.