On Monday, the Palo Alto, CA-based avant-garde electric vehicle industry mogul, Tesla Inc.’s shares had tapped the break pedals of a massive rally that had witnessed the e-vehicle maker’s meteoric rise in shares prices of over 40 per cent in less than two weeks, eventually rounding off the day down by 3.1 per cent.
In point of fact, Tesla Inc. stocks, which rose over 200 per cent this year and more than 500 per cent over the past year, making the Palo Alto, California-based e-vehicle manufacturer the largest automaker across the globe by market valuation, fell in line with a number of big-league Nasdaq stocks such as Amazon.com Inc., Microsoft and Nvidia, on Monday’s market wind down after opening the day as much as 16 per cent higher.
Tesla snaps meteoric rally after trimming Model Y SUV prices by $3,000
Aside from that, Monday’s decline in Tesla shares came as an unprecedented turn of event, as a slew of Wall St.
analysts had been heavily betting in favour of Tesla shares ahead of its quarterly earnings’ report scheduled to be released on July 22nd, while investors on earlier trading had paid up to $1,794.99 per share over prospects that the Nasdaq shares could be enrolled in S&P 500 index, accountable for roughly 45 per cent of all trading activities in the United States.
Meanwhile, industry analysts were quoted saying that the second decline for Tesla stocks over the past ten sessions was largely catalysed by the e-vehicle maker’s Saturday move to trim its Model Y SUV’s (Sports Utility Vehicle) prices by $3,000, adding that a profit-taking attempt ahead of the corporate earnings’ season for the second quarter of the year had also contributed to the session’s sell-off wave.
Nonetheless, Tesla Inc. boss Elon Musk, 47, became the world’s seventh-richest man, surpassing the 90-year old American billionaire investor Warren Buffet on Friday’s market closure following a space-dive of Tesla Inc. stocks as much as by 10.8 per cent.