Tesla loses a third of its value for the third time in a year

Tesla loses a third of its value for the third time in a year
  • Clock-gray 08:11
  • calendar-gray 09 March 2021

Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high, making it the third time in about a year that the electric car maker’s shares have corrected that dramatically.

With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla's market capitalization has fallen by almost $300 billion since its Jan. 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.

Tesla shares fell over 4% on Monday and were down almost 35% from their peak on Jan. 26. The ARK Innovation ETF , which has 10% of its assets invested in Tesla, fell 6%.

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