Stability control icon flashing

[MSJack]

What exactly is the car doing when the dash flashes this icon?

I see this on alot of performance trimmed S's.

 

[E90alex]

Cutting power and/or braking one or more wheels

 

[DerbyDave]

From the Manual, it means:
Electronic stability control systems are actively minimizing wheel spin by
controlling brake pressure and motor power (indicator flashes amber). See Traction
Control on page 70. If this indicator remains on, a fault is detected and you
should immediately contact Tesla.