[ad_1]
Tesla’s stock price fell for the fourth day in a row on Tuesday after its massive fall on Monday wiped $ 15 billion from CEO Elon Musk’s net worth.
Shares of the electric carmaker fell 13% to $ 619.50 at the start of trading, placing it below the price at which it entered the S&P 500 Index in December.
This follows an 8.5% drop in Tesla shares that saw CEO Elon Musk’s fortune cut by $ 15.2 billion on Monday, making him the second richest person in the world behind the boss. Amazon’s Jeff Bezos, according to the Bloomberg Billionaires Index.
Musk may only have himself to blame. Tesla’s shares fell after his tweet on Saturday declaring that the prices of Bitcoin and Ether – the world’s two largest cryptocurrencies – “appear high”, raising questions about the value of 1’s investment. , The automaker’s $ 5 billion in the first.
“Since he plunged into the depths of the pool with his $ 1.5 billion purchase of Bitcoin last month for good and evil, the company’s stock is now heavily tied to this digital currency.” Wedbush Securities analyst Daniel Ives said in a research note Tuesday.
A day earlier, Ives estimated that Tesla made a paper profit of $ 1 billion on the purchase of bitcoin before Musk’s post helped push down the price of the digital coin, which fell below $ 50,000 early Tuesday morning.
Tesla shares have sank more than 20% since the Silicon Valley titan revealed his successful cryptocurrency bet, which Musk called a “less stupid form of liquidity than cash.”
But the billionaire tech mogul remained suspicious on Tuesday. When market strategist Peter Schiff pointed out on Twitter that Tesla’s stock had entered a bear market since Bitcoin’s announcement, Musk simply said replied with an eggplant emoji, which Schiff interpreted to mean he was “basically calling me a dick.”
Tesla also took a hit on Monday after electric vehicle media Electrek announced that the company had stopped taking orders for the cheaper version of its Model Y SUV.
Musk seemed confirm the news on Twitter, saying he did not think that “the range, in many driving conditions, yet meets Tesla’s standard of excellence.” He said the model was still available “off the menu”.
[ad_2]
Source link