I’m not a stock broker and I don’t play one on TV, but you had to see this coming. After shooting up a staggering 41% on the first day of trading, shares of Tesla stock are now selling below their IPO pricing of $17 per share. How much lower? As of today, they’re trading at $15.37, a drop of $1.63 per share from the IPO price and a drop of $4.63 from their highest price.

Why the drop, since nothing has changed at Tesla in the past week? Call it buyers remorse, or call it an investor reality check. Tesla, at the moment, has one car, the Tesla Roadster. They’ve announced the next generation of Roadster and they’ve announced the Model S sedan, but have no platform for the Model S, no workforce, an empty factory and a partial deal with auto giant Toyota that may or may not move the Model S into production.

Autoblog quotes Michael Holland, an expert on the stock market, who said:

“They brought this thing into a market that was not rewarding hype… The stock did get its pop, and now it’s plagued by the reality of the marketplace. The reality of the marketplace is that people aren’t paying for dreams and visions.”

That’s one cold, hard dose of reality for investors, but who in their right mind buys into a company with virtually no product and no clear path to market for future products? I’d like to see Tesla succeed as much as the the next guy, but I certainly wasn’t one of the luck few who ponied up $17 a share when the stock went public. Let’s hope that Elon Musk can demonstrate forward progress in the immediate future, otherwise Tesla’s future may be in jeopardy.