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Tesla loses more than combined GM, Ford market value | Malay Mail

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SAN FRANCISCO, Sept 9 — Tesla Inc shed about US$80 billion (RM333.4 billion) of its market value yesterday, an amount that overshadows the combined value of General Motors Co and Ford Motor Co, after its surprise exclusion from the S&P 500 index. Tesla’s shares recorded their worst...

Tesla’s shares recorded their worst single-day percentage drop ever and added to the broader sell-off in technology stocks, which have dominated Wall Street’s recovery from the coronavirus-driven crash earlier this year. — Reuters pic

The stock closed 21.06 per cent lower, while fellow electric automaker Nikola Corp jumped more than 40 per cent after General Motors said it was acquiring an 11 per cent stake in the company. “On the one hand, the slide in the share price is due to its non-inclusion in the S&P 500, but on the other hand the slide is also a normalisation of the company’s valuation,” Frank Schwope, an analyst at NORD/LB, said.

 

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