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The share price of Tesla, an electric car maker in the US, has declined below $600 in three months or so.
Tesla closed at $597.95 on the 5th (local time) on the New York Stock Market, down 3.78%.
Tesla plunged 13% during the day and slipped to the $500 mark, the lowest since December 3 of last year.
Compared to the peak at the end of January, the market cap has evaporated nearly 300 trillion won in five weeks.
“The Tesla crash outpaced the overall stock market decline,” Bloomberg News reported.
On this day, the Nasdaq index centered on technology stocks fell 1.55%.
Tesla’s share price fell 11% this week alone, and continued its decline for four consecutive weeks, the longest period since May 2019.
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Tesla also forgot the effect of the rally from the incorporation of the Standard & Poor’s (S&P) 500, a representative US stock index.
Tesla’s share price was $649.86 on the first trading day of the S&P 500 on December 21 last year.
Bloomberg News reported that Tesla’s market capitalization as of the closing price on the day was 574 billion dollars (648 trillion 46 billion won), which has evaporated 234 billion dollars (264 trillion 8.6 billion won) over the past four weeks.
Compared to the market cap of $837 billion (94.97 trillion won) at the time Tesla stock price peaked ($883.09) on January 26, it was $263 billion (296 trillion) 100 million won) flew.
Tesla’s CEO Elon Musk’s stock valuation has also decreased by US$27 billion (30.48 trillion won) since the 1st.
“Musk has accumulated wealth at the fastest rate in history, but the reversal is happening again,” Bloomberg said.
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Foreign media cited the burden of the previous share price surge as the cause of the Tesla share price fall, and the intensification of competition as existing automakers entered the EV market.
Bloomberg News announced that traditional industry giants, such as GM, Ford, and Volkswagen, will aggressively jump into the EV market in recent months, and that rising corporate borrowing costs arising from rising U.S. Treasury yields has raised concerns about overvalued companies like Tesla. Analyzed.
CNBC broadcasts also said that the fear of inflation warnings from the Federal Reserve System (Fed) fueled the sale of overvalued Tesla stocks.
Broadcasting said, “Fed Chair Jerome Powell warned of inflationary pressure, and the market is now concerned that interest rates will rise.”
Major investors also started to monetize by reducing the proportion of Tesla holdings.
Baron Capital, an asset manager founded by US billionaire Ron Baron, recently revealed that Tesla’s share of its portfolio has become so large that it has sold its stock.
Baron Capital has sold 1.8 million Tesla shares since August last year.
Former Tesla director Steve Wesley pointed out, “Tesla cannot forever be a leader in the electric vehicle market.”
/yunhap news
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