Billionaire Elon Musk’s Tesla has lost a third of its value for the third time in a year.
Because investors are concerned about rising interest rates and dumping high-valuation stocks in the past few weeks, the company’s market capitalisation has dropped by nearly $300 billion since its January high of $550 million, said Reuters.
The company’s shares fell by more than 4 per cent on Monday, and were down by nearly 35 per cent compared to January, according to the news agency.
It said that the increase in market capitalisation is attributable to expectations that the company will expand car production rapidly and profitably.
While the stock’s recent decline came after a tweet by Musk that said Tesla’s planned Cybertruck pickup would likely be delivered in the second quarter.
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