Tesla had the most significant stock price drop on record

September 09, 2020

TSLA lost $80 billion of market cap

Yesterday was a rough day for one of the world's most important electric carmakers, Tesla.

As the long-touted S&P 500 inclusion took a swing, so did the company's stock price. Tesla shares reported the most significant single-day drop ever – 21.06%. During yesterday's trading session, the company lost $80 billion in market capitalization. The amount is higher than the market values of Ford and General Motors combined. At a weekly level, it lost 34%.

Instead of Tesla, the S&P 500 added three other companies: Etsy, Teradyne, and Catalent. Despite the shock, specialists believe that the index's decision normalized Tesla's valuation.

Year-to-date, #Tesla share price turned out to be 284% higher.

Sources: reuters.com

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