In this file photo, a man wearing a face mask walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China, May 8, 2020.
With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalisation has fallen by almost $300 billion since its January 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500. Tesla shares fell over 4 percent on Monday and were down almost 35 percent from their peak on January 26. Technology and other growth stocks have fallen broadly since February 12, when the Nasdaq closed at its most recent record high.
However, Tesla’s decline during that time has been much deeper than Wall Street’s other heavyweights.
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