Tesla loses a third of its value amid falling shares
The company has seen its market capitalization fall $300 billion to $550 billion
Stocks impacted: Tesla (TSLA)
Since hitting an all-time high on 26 January, the California-based firm has shed a third of its value. As a result, Tesla has seen its market capitalization fall $300 billion to $550 billion. Since the company announced on February 8 that it bought $1.5 billion worth of bitcoins, its stock has steadily fallen. Tesla has also entered its third bear market in the past year, after steep selloffs in September and March 2020. As a reminder, last month, the firm briefly shut down its factory in Fremont, California, which CEO Elon Musk blamed on a parts shortage. On Sunday, Musk tweeted that an update on Tesla’s planned Cybertruck pickup would likely be provided in the second quarter. Tesla shares fell Monday for a fifth straight session. The decline exceeded 5.5% overnight.
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