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Tesla stock rout puts market cap below US$500bil

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Shares of Tesla Inc have been in freefall over the past few months, sinking nearly 40% since the end of September.

Shares of the EV industry leader have been in freefall over the past few months, sinking nearly 40% since the end of September, compared with a 12% advance in the S&P 500.

Concerns about EV demand, as well as chief executive officer Elon Musk’s preoccupation with the overhaul of Twitter Inc, have both weighed heavily on the stock this year.A block of 3.11 million shares traded at a market value of US$500mil . A seemingly insatiable investor appetite for anything related to EVs, and more broadly, technology, helped fuel part of that rally in a cash-rich market.

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Tesla is the first EV technology mover. Now that the hype is over .... EV market will be lead by real car manufacturers- the likes of German, Japanese,Korean and Chinese EV vehicles

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