{"id":5977,"date":"2021-03-09T18:11:25","date_gmt":"2021-03-09T18:11:25","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=5977"},"modified":"2021-03-09T17:53:38","modified_gmt":"2021-03-09T17:53:38","slug":"tesla-loses-more-than-quarter-of-a-trillion-in-a-month-as-rally-fizzles","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/tesla-loses-more-than-quarter-of-a-trillion-in-a-month-as-rally-fizzles","title":{"rendered":"Tesla loses more than quarter of a trillion in a month as rally fizzles"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>INTERNATIONAL – Shares of Tesla closed lower for a fifth consecutive session on Monday, caught in a tech-led selloff that has wiped more than $277 billion (R4.24 trillion) off the company’s market value over the last month.<\/p>\n

High-flying tech stocks, which powered the market’s rebound from the pandemic lows in March last year, have been hit by a one-two punch of rising yields and investors shifting funds to sectors poised to benefit from a recovery in the global economy aided by accelerated rollouts of Covid-19 vaccines.<\/p>\n

“People went into this stock super aggressively to drive it from $40 to $900, and that means will usually come out just as fast,” said Roth Capital Partners analyst Craig Irwin.<\/p>\n

“It was obviously overdone both at $200, and I would say well overdone at $900. Retail often doesn’t sell as fast as the institutions, so the correction could last longer than for other tech stocks.”<\/p>\n

The tech-heavy Nasdaq index has declined more than 10.5% over the last three weeks. Tesla’s shares fell as much as 6.5 percent on Monday, while peers Nio Inc and Li Auto closed down 7.6 percent and 5.0 percent respectively.<\/p>\n

The broader auto industry has been pressured by a global semiconductor chip shortage, which has caused a major delay in manufacturing activities and forced many companies to scale down production.<\/p>\n

In late February, Tesla Chief Executive Officer Elon Musk said the company’s Fremont, California plant was shut down for two days due to “parts shortages”.<\/p>\n

The weeks-long selloff has reduced Musk’s wealth by more than $49 billion as of Friday, according to Reuters calculations.<\/p>\n

REUTERS<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. INTERNATIONAL – Shares of Tesla closed lower for a fifth consecutive session on Monday, caught in a tech-led selloff that has wiped more than $277 billion (R4.24 trillion) off the company’s market value over the last month. High-flying tech stocks, which powered the market’s rebound from the pandemic lows in March last […]<\/p>\n","protected":false},"author":84,"featured_media":5976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-5977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nTesla loses more than quarter of a trillion in a month as rally fizzles - South Africa<\/title>\n<meta name=\"description\" content=\"INTERNATIONAL - Shares of Tesla closed lower for a fifth consecutive session on Monday, caught in a tech-led selloff tha ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tesla-loses-more-than-quarter-of-a-trillion-in-a-month-as-rally-fizzles\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla loses more than quarter of a trillion in a month as rally fizzles\" \/>\n<meta property=\"og:description\" content=\"INTERNATIONAL - 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