Tesla takes another dive as tech shares shiver: Electric car maker’s shares down 33% from last week’s high
Tesla shares fell almost 20 per cent in early trading – taking losses since last week’s record high to 33 per cent.
On another day of losses among high-flying US technology stocks, the electric car maker’s stock dipped below $336 from $500 a few days ago.
US tech giants including Amazon, Apple, Facebook, Zoom and Google owner Alphabet were also hit.
The Tesla sell-off leaves it worth £240bn, denting the fortune of boss Elon Musk. But shares are still four times higher than at the start of the year
The sell-off fuelled fears that the tech rally that pushed stock markets to record levels in the wake of the Covid-19 outbreak has faltered.
‘I’m not going to throw in the towel here and say the tech run is over,’ said Dennis Dick, a trader in Las Vegas. ‘We came a long way and it’s time to cool off a little bit.’
Tesla fell after its surprise exclusion from the prestigious S&P 500 index.
Inclusion would have triggered even greater demand for its shares from funds that track that benchmark.
At its peak last week, Tesla was valued at more than £350billion.
The sell-off leaves it worth £240billion, denting the fortune of boss Elon Musk. But shares are still four times higher than at the start of the year.