Hyperdrive
Tesla Closes Below $500 Billion Market Cap for First Time in Two Years
This article is for subscribers only.
The relentless decline in the shares of Tesla Inc. has pushed the electric-vehicle maker’s valuation to close below the half-trillion dollar mark for the first time since November 2020.
The stock closed down 2.6% at $156.80 in New York on Wednesday, taking its market capitalization to $495 billion, and bringing its decline this year to 55%. The slump is painful for a broad swath of investors: The company is the sixth-biggest member of the S&P 500 Index as of Wednesday’s close. It’s been the third-largest drag this year on the benchmark, which Tesla joined two years ago next week.