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Tesla Sinks Below the Price at Which It Entered S&P 500 Index

  • Declines follow Musk comments on high Bitcoin valuation
  • The EV maker’s shares are now down 1% so far this year
Inside a Tesla Showroom in Shanghai As Carmaker Prolongs Model Y China Delivery Times
Photographer: Qilai Shen/Bloomberg
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Tesla Inc. shares wiped out their year-to-date gains Tuesday and briefly traded below the level where they were when the electric-carmaker entered the S&P 500 Index in December.

The stock dropped as much as 13% to $619 in New York, its biggest intraday decline since Sept. 8, before paring much of the loss to close down 2.2%. The stock was down 31% from its Jan. 25 record intraday high at its lowest point on Tuesday.