Tesla Has Plunged 25% And Lost $200 Billion In Market Value Since Its Bitcoin Investment

SourceForbes
SectorFinancial Markets
CountryMiddle east

Share to Linkedin Tesla's meteoric tear is unraveling this month as experts start to worry that the stock's performance could start to mimic bitcoin's extreme volatility after the firm disclosed a $1. 5 billion investment in the world's largest cryptocurrency earlier this month. Elon Musk, Tesla CEO and founder of SpaceX, speaks at the 2020 Satellite Conference and Exhibition ... [+] March 9, 2020 in Washington, DC.

Shares of Tesla at one point plunged more than 10% Tuesday morning, pushing their losses since February 8–when the firm first disclosed its $1. 5 billion bitcoin investment–to more than 25%. That crippling blow to Tesla stock has erased about $215 billion in the firm's market capitalization, which stands at about $620 billion, since the investment, at which time the firm's market cap was near a high of $844 billion. The recent plunge comes as bitcoin prices tank about 7% after Tesla's billionaire chief, Elon Musk, said over the weekend that the cryptocurrency's...read more...