Tesla stocks have fallen the most since September 2020.

Tesla shares closed at -8.55% on Monday, as investors betting on a pandemic return withdrew from Big Tech and opted for cyclical shares.

This is Tesla’s biggest drop since September 23, 2020, when it closed -10.34%.

Other Big Tech stocks also fell on Monday, with Apple, Amazon and Microsoft closing more than 2% each. Overall, the Nasdaq Composite fell 2.5% on Monday.

Another reason for Tesla’s decline could be Elon Musk himself after his comments over the weekend that the prices of bitcoin and the smaller rival Ether “look high”. The tweet came two weeks after Tesla announced it had added $ 1.5 billion in bitcoin to its balance sheet, causing a 50% price jump in the already growing digital asset.

Tesla owners have already gone through this. In May 2020, Musk helped bring down Tesla’s shares by 10% after writing on Twitter that the price of the electric car manufacturer was “too high.”

The company is set to make more of its bitcoin investments than profits from the sale of its EV cars (electric vehicles) throughout 2020.


 Junior Trader Mert Mustafa

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance