New Delhi:
The US stock market saw a huge decline on Monday. In this selling, Tech Stocks veterans like Google, Amazon, Apple, Meta, Microsoft, Envadia and Tesla fell strongly. Tesla’s stock fell by 15.4% to close to 222.15, which led to a huge decrease in the assets of Allen Musk. The comment created an outcry in the US stock market.
Heavy fall in Musk’s property
According to the Bloomberg Billionaire Index, Alan Musk’s wealth on Sunday was $ 330 billion, which came down to $ 301 billion on Monday. His assets decreased by $ 29 billion in a single day, which shows a decline of about 6.7%. Tesla’s shares contributed to this decline, which is considered to be the biggest intraday decline after September 2020.
This year Tesla’s shares fall by $ 132 billion
From the beginning of this year, Alan Musk’s wealth has decreased by a total of $ 132 billion. By the end of December 2024, Musk’s assets had reached $ 486 billion. Nasdaq 4% was broken on Monday and S&P 500 also saw a decline of 3%. Tesla’s stock has now fallen more than 54% from its height, which has reduced the company’s market cap by about $ 800 billion.
According to the expert, there are many reasons behind the decline in Tesla’s shares. Some believe that Tesla shares have become overpriched, while others say Alan Musk is now more focused on the functioning of the US government in Washington.
In addition, investors are concerned that the company may harm the company due to possible retaliation against Musk. Protests and showrooms have also been vandalized in many stores of the company against Tesla.
European markets impact
Tesla’s global cells have also decreased. Europe, especially in France, has recorded a 26% decline in cars sales in February. Tesla’s registration declined by 63% in January, which is the lowest in France since August 2022. Tesla’s orders have also seen a decrease in the UK, Germany and other major European markets. Tesla’s sales have fallen by 45% across Europe, while the industry’s total EV registration has increased by 37%.
Amidst all this, Alan Musk said on the social media platform x that it will take a little longer but everything will be alright. Nevertheless, this huge decline in Tesla’s shares has increased the concern of investors.