Tesla Inc.’s stock went on a tear after an October deal with Hertz Global Holdings Inc. signaled broader mainstream adoption of its electric cars.
But that 35% rally is gone now.
Tesla slid 3.5% on Monday, closing at $899.94. That put the shares below where they’d closed right before the $4.2 billion Hertz deal was revealed on Oct. 25.
The stock, which peaked on Nov. 4, is down 21% in December, poised for the worst month since the pandemic-fueled rout in March 2020.
Hertz’s order for 100,000 vehicles had sent Elon Musk-led Tesla’s shares on a near-vertical rise, pushing the company’s valuation well above the coveted trillion-dollar mark. Yet, the rally soon started wobbling after Musk started offloading some of his stake in the company. Tesla’s market cap is now about $904 billion.
A broad market decline weighed on Tesla Monday, with renewable-energy firms such as solar companies and other electric-vehicle makers broadly underperforming after Senator Joe Manchin said he wouldn’t support President Joe Biden’s spending plan. Nikola Corp. fell 7.3%, the most since Nov. 18, while Rivian Automotive Inc. dropped 7.9%. Workhorse Group Inc. was lower by 8.9%, and Lordstown Motors Corp. fell 8.2%.
The leadership of the Niger Delta Ex-Agitator Phase 1 has expressed its gratitude to the…
What is the Dollar to Naira Exchange rate at the black market also known as…
Good morning Nigeria. Welcome to Publisher roundup of top newspaper headlines in Nigeria for today, Saturday, 4th…
No fewer than eight persons have so far been confirmed dead in a fire incident…
UBA has released its unaudited financial statements for Q1 2024, with the group posting a…
Oba Elegushi of Lagos and his second wife, Hadia, are celebrating their 5th wedding anniversary…