Tesla’s extends 2-day plunge to 17% as epic rally takes a breather

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Investors continued to dump Tesla in early Tuesday trading, dragging shares to their lowest level since late December. The automaker sank as much as 9% before markets opened. The drop is set to extend a three-day losing streak for Tesla stock that intensified at the start of the week. The Wednesday-to-Monday losses have seen Tesla's total market cap drop by $80 billion and led CEO Elon Musk to relinquish his title of the world's wealthiest person. Tesla traded at a record high of $900 just one month ago as extreme bullishness toward the company's growth fueled massive gains. Valuation concerns cut into the rally and saw shares waver around $850 through much of February. Shares closed 9% lower on Monday after the company reportedly halted new orders for the lowest-price version of its Model Y crossover.

Musk clarified in a Monday tweet that the model was still available "off menu," adding he doesn't think the vehicle's range "meets the Tesla standard of excellence." The...read more...