Tesla made history today for all the wrong reasons, as its stock plummeted over 21% on Tuesday, as investors feel the pinch of the company getting snubbed from the S&P 500.
Shares dropped 21.06% on the trading day, down $88.11, the most ever for the electric vehicle company. In after hours, shares of Tesla are down an additional 1.84%.
After hitting an all-high of $502 per share after its 5-for-1 split, Tesla has fallen 29%, despite earning profits for four consecutive quarters. Tesla also completed the sale of $5 billion in new stock to raise capital, which does not look like it has helped its cause.
Tesla’s market cap stands at $307 billion, after seeing $82 billion wiped away in a single day. Let’s see what Wednesday brings for investors in Tesla.
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