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Tesla Loses Nearly $300 Billion in Market Cap Since January

  • Stock retreats amid bleak China data, weakness in tech stocks
  • Shares close down 2.5% at their lowest level since March 8
Tesla Vehicles At A Port In Yokohama
Photographer: Toru Hanai/Bloomberg
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Tesla Inc.’s stock suffered a double whammy on Wednesday with news of lagging sales in China and a sharp selloff in technology and cryptocurrency assets.

Shares in the Elon Musk-led company closed down 2.5% at $563.46, the lowest since March 8. Nearly $300 billion has been wiped from the electric-vehicle maker’s market value since late January, back when it was briefly bigger than social media giant Facebook Inc. Even ardent Tesla bull Cathie Wood’s Ark Investment Management boosting its stake this week has failed to shore up sentiment.