Hyperdrive
Tesla’s 2022 Collapse Hits 69% After Deepest Selloff Since April
- Stock has lost around $720 billion in valuation this year
- Latest decline comes amid growing concern about demand risks
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The tailspin in Tesla Inc. shares accelerated Tuesday, marking their longest losing streak since 2018, as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks.
Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase & Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it had held since joining the benchmark in December 2020.