Tesla Stocks Suffer Worst Day at the Market After Elon Musk’s Net Worth Had Historic $16.3 Billion Plunge
Elon Musk’s electric car manufacturing company just saw around $82 billion in value go down to the drain in 24 hours as Tesla stock price dropped by around 21%. This followed after Standard & Poor (S&P) refused to include Tesla on its top 500 list of major United States companies with the highest market value.
Getting on the list would have encouraged portfolio managers to buy additional shares, which is how Tesla’s shares rose in recent months. While the index added some new companies to its list, Tesla’s absence left analysts wondering as they expected Musk’s car firm’s inclusion to be included in this year’s S&P 500. After all, earlier reports have shown the company’s surge in profitability.
Tesla has been surpassing the threshold in terms of value, and it has been nam...