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%.
