Tesla’s stock price fell for the fourth straight day Tuesday after its massive Monday plunge wiped $15 billion off CEO Elon Musk’s net worth.
The electric-car maker’s shares dropped as much as 13 percent to $619.50 in early trading, putting it below the price where it entered the S&P 500 index in December.
“Since diving into the deep end of the pool with its $1.5 billion Bitcoin purchase last month for both good and bad the company’s stock is now heavily tied to this digital currency,” Wedbush Securities analyst Daniel Ives said in a Tuesday research note.
A day earlier, Ives had estimated that Tesla booked a $1 billion paper profit on the bitcoin buy before Musk’s post helped drive down the price of the digital coin, which plunged below $50,000 early Tuesday morning.
Source: New York Post