Apparently, the D stands for "disappointment," at least on Wall Street.

After much anticipation, Tesla founder and CEO Elon Musk unveiled the new Tesla D model at an event on Thursday night. The D, which actually stands for dual motor, is a more powerful sedan than Tesla's previous models and offers novel autopilot features.

See also: Elon Musk Is Worried Flying Cars Could Fall on Your Head

Tesla stock dropped by as much as 8% in early trading Friday following the announcement, pushing the company's market cap back below $30 billion. As of publication, the stock was trading at about $241 a share, down about 6% from Thursday's closing price of $257.

The sticking point, according to one analyst we spoke with, comes down to the price tag for the new vehicle, which starts at $89,000 and costs as much as $120,000.

"It's a very cool car, but $120,000 is a lot of money," says Ivan Feinseth, an analyst with Tigress Financial Partners. "They are way out of the reach of the American auto consumer. They’ve got to come out with something that is in the $30,000 to $40,000 price range." Tesla is said to be planning a model in that price range called the "E," but it won't be available until 2017.

He added: "They really need a mainstream car that will make them a mainstream car company."

TSLA data by YCharts

John Lovallo, an analyst with Bank of America Merrill Lynch, wrote in an investor note that the hype leading up to the event and the ultimate D unveiling would "fail to impress investors and potentially take some wind out of the sails of the bulls."

"While Tesla’s updates are incrementally positive, we believe they largely fall into the category of 'catch-up' versus existing offerings of incumbent OEMs," Lovallo wrote, noting comparable smart car features available from BMW and Mercedes.

The decline in Tesla stock comes amid a broader market selloff this week.

Tesla isn't the only tech stock falling Friday morning.

Tesla's stock shot up after Musk first teased the mysterious D announcement in a tweet last week.

When asked in an interview with Bloomberg this week whether he was surprised by the stock surge following the tweet, Musk said "maybe."

"That seems like an unlikely thing to happen just based on a tweet, but I don't know. Maybe it's surprising. I don't really follow the stock that much," Musk told Bloomberg. "So I think the stock moves for random reasons. And if that ends up being a mood barometer than it's not a happy land."