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Tesla's Value Sinks by a whopping $10 Billion in a Week as Rout Deepens

Tesla’s Value Sinks by a whopping $10 Billion in a Week as Rout Deepens

Eon Musk’s Tesla Inc. just can’t seem to catch a break.

If the rout sparked by an SEC investigation into CEO Elon Musk’s tweets on making the automobile manufacturer private wasn’t enough, another tweet storm mocking the agency and an unflattering comparison to Lehman Brothers Holdings Inc. slewed off even more value.

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On Monday, shares extended losses for a fifth straight session, falling 4.3 percent to the lowest in more than last one and a half years.

The stock rebounded in after-hours trading but recovered by about only 1 percent, after Macquarie initiated coverage of Tesla with an outperform rating.

Investors continue to punish the company even as its Model 3 is becoming one of the best-selling sedans in the U.S. The company did manage to deliver on its third-quarter projections for the electric car, which led JPMorgan to boost its estimates.

On Monday, the stock closed at its lowest level since March last year, shaving more than $10 billion off its market capitalization in the past one week

Maynard Um , Macquarie analyst said in a note that the automobile industry is on the precipice of  multi-decade transformation which is driven by disruptive technology and innovation, which Tesla is positioned to lead for a long time to come .

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About Bobby E. Bartelt

Bobby E. Bartelt, Team Leader at Feed Ride, graduated in Textile Design from F.I.T. He has a lot of experience in IoT as it was his passion and he started it as a profession for computers at an early age. His bold and bright personality allows him to fearlessly collect data and information from many sources. His experience and influence helps provide the website with all the latest news in business along with tech niche.

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