What’s Going on With Tech Stocks? A Few Explanations

Don’t compare it to 1999.

Tesla Inc. electric vehicles charge at the Tesla Supercharger station in Fremont, California, U.S., on July 20.
Photographer: Nina Riggio/Bloomberg

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By Jeran Wittenstein

September 9, 2020 at 10:45 AM UTC

Hello, this is Jeran on Bloomberg's equities team. Tesla Inc.'s stock had its worst day ever on Tuesday, with shares tumbling 21%. The dip was so dramatic that it personally cost Elon Musk more than $16 billion—the largest swing in net worth ever recorded by the Bloomberg Billionaires Index.

And Tesla wasn't alone. On Tuesday, tech stocks fell for their third consecutive day, amid jitters that pandemic-era valuations had gotten too high, too fast. Slack Technologies Inc. didn't help matters after a billings miss sent the stock down more than 19% in after-hours trading.