Tesla plummeted nearly 12 percent in post-market trading Thursday after the Securities and Exchange Commission accused its Chief Executive Officer Elon Musk of misleading investors.

Tesla's drop may bring the electric vehicle maker’s market valuation below that of General Motors Co.

Should Tesla shares (TSLA) reflect the after-hours plunge into regular trading Friday, that would bring the company’s market capitalization to just over $46 billion, compared to $52.46 billion as of Thursday’s close.

GM’s market value currently stands at $47.5 billion, while that of Ford Motor Co. is $36.79 billion.