The value of Tesla shares has plummeted in recent days, losing almost all of its gains this year. Under these conditions, Elon Musk lost 15 billion dollars, being surpassed by Jeff Bezos in the top of the richest people on the planet.
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The week did not start well for Tesla, after the quotations of the American manufacturer of electric cars fell significantly. Tesla lost 8.55% on Monday and continued to decline (-4.3%) on Tuesday at the time of writing. It is Tesla’s biggest drop since September 23, 2020, when it closed down 10.34%.
The decline in Tesla stocks can be framed in a general market trend, in which all Big Tech companies have suffered. Some analysts believe that Elon Musk’s decision to buy Bitcoin has influenced Tesla’s market value. A message on Musk’s Twitter, in which he announced that the price of Bitcoin is “high” led to a drastic decrease in the value of the cryptocurrency, entailing with it the entire crypto market, but also the prices of Tesla shares.
The value of Tesla shares has plummeted. Extensive market movements
Shares of Big Tech companies also declined, with Apple, Amazon and Microsoft closing each day on Mondays by minus more than 2%. Overall, the Nasdaq Composite index fell 2.5% on Monday, while the Dow Jones rose 0.1%, Mediafax reports.
Tesla shares may also be influenced by Bitcoin, which slowed its rise on Monday. The cryptocurrency fell about 6 percent, according to CoinDesk.
Earlier this month, Tesla revealed that it bought Bitcoin worth $ 1.5 billion for “more flexibility and maximizing cash profitability.” The company also said it intends to accept payment in Bitcoin.
The company is “on track to make more of its Bitcoin investments than profits from selling its cars throughout 2020,” Wedbush Securities analyst Daniel Ives said in a research note over the weekend.
Source: Promotor by www.promotor.ro.
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