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To the surprise of Elon Musk's sheep, Tesla stock can in fact go down.

To the surprise of Elon Musk's sheep, Tesla stock can in fact go down, according to Markets Insider.

Tesla had surged over 1,000 percent in the past year with short-sellers getting burned. Finally, the market has realized the inflated shares must come down from their perch. Tesla shares fell as much as 20 percent on Tuesday, erasing over $76 billion in market cap.

The entire market is in the midst of a massive sell-off that has seen tech stocks give up gains as well. Since the sell-off began late last week, Tesla shares are down more than 30 percent.

The commitee seems to have other knowledge after excluding Tesla from the index. The company reported a fourth consecutive quarterly profit, checking off the final requirement to be included in the index. Tesla's market cap is greater than many of the companies in the S&P 500 index.

On Friday, S&P Dow Jones Indices announced that Etsy, Teradyne, and Catalent replaced H&R Block, Coty, and Kohls. The announcement failed to mention Tesla. The committee is probably skeptical about Tesla since its share price is extremely volatile.

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