News Formal

Tesla loses US$80 bil in market value after exclusion from S&P 500 index

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 72%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Electric vehicle maker’s stock records its worst single-day percentage drop ever. FMTNews Tesla

LOS ANGELES: Tesla Inc shed about US$80 billion of its market value on Tuesday, 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.

The stock closed 21.06% lower, while fellow electric automaker Nikola Corp jumped more than 40% after General Motors said it was acquiring an 11% stake in the company. In a surprise announcement, the S&P Dow Jones Indices decided to add online craft seller Etsy Inc, semiconductor equipment maker Teradyne Inc and pharmaceutical technology company Catalent Inc to the S&P 500 instead.

Bets against Tesla’s stock have also increased slightly over the last month, according to financial analytics firm S3 Partners.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CPO futures end higher, tracking firmer US bean market | Malay MailKUALA LUMPUR, Sept 8 —The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, tracking the stronger overnight Chicago bean oil market performance due to increased demand from China on fears of rain and floods, said palm oil trader David Ng. It was reported that...
Source: malaymail - 🏆 1. / 86 Read more »