tesla (TSLA-US) fell 5.84% on Monday, down 36% from its peak on Jan. 26, as its market value evaporated nearly $300 billion.
Electric car leader Tesla fell 5.84% to $563.00 per share on Monday (8), sliding for five consecutive trading days. Peers Azera (NIO-US) fell 7.75%, Xiaopeng (XPEV-US) fell 4.03% and Ideal Motors (LI-US) dropped 5.03% on Monday. ARKInnovation ETF fell 6%. The technology-dominated Nasdaq has fallen more than 8% in the past three weeks.
Tesla’s shares have been steadily declining since it announced the purchase of $1.5 billion worth of bitcoin on Feb. 8, with the stock undergoing its third major correction in nearly a year.
Roth Capital Partners analyst Craig Irwin said investors have been super aggressive in buying the tranche, and that Tesla’s price spike from $40 to $900 means the stock usually comes back down just as fast.
Craig Irwin thinks $900 (for the stock) is also too much. Tesla’s pullback could last longer than other tech stocks.
The main reason for Tesla’s stock surge in recent months is the expectation that it will rapidly and profitably expand car production. Tesla Chief Executive Officer Musk tweeted on Saturday that Tesla plans to launch its electric truck Cybertruck pickup in the second quarter with a possible update.
On Monday Tesla rumored plans to secretly build a giant battery factory in Texas to expand into the U.S. energy market. The goal is to bring the cost of power batteries down to $3,000, a price lower than the cost of gasoline in the United States.
Car chip wildfire has spread GM, Ford, Fuchs, Nissan and Honda Motor and other global car manufacturers, Tesla is also involved in the chip shortage storm.
Tesla CEO Musk tweeted at the end of last month that the California super factory has been temporarily closed for two days because of the “shortage of components”, which is believed to be caused by the shortage of chips for cars.
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