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Tesla’s drop wipes out $100 billion of market capitalisation in a day

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Inc. wiped out about $109 billion off its valuation in the course of a single day after the electric vehicle maker’s fourth-quarter earnings and outlook failed to impress investors. of the Austin, Texas-based electric vehicle maker plunged nearly 12% on Thursday after an earnings call the previous day that was long on a humanoid robot called Optimus and short on new vehicles. The stock closed at $829 in New York, the lowest since Oct. 14.

The decline was the second biggest on the S&P 500 Index on Thursday. The last time erased more than $100 billion in market value in a single day was Nov. 9. During Tesla’s fourth-quarter earnings call on Wednesday, chief executive officer Elon Musk said that the company would not introduce any new vehicles this year.

Musk hits out at Joe Biden “Biden is a damp Socks puppet in human form…” Elon Musk, CEO, Tesla, after the US president left out the name of in a post that talked about the future of EVs in America

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