Elon Musk's company Tesla's market valuation has gone down by roughly $82 billion to $307.7 billion

Photo: Rebecca Cook/Reuters

Tesla shares on Tuesday closed down 21.06 percent, making it the worst one-day loss on record. After a steep fall in shares, the company’s market valuation has gone down by roughly $82 billion to $307.7 billion.

According to Forbes, Tesla founder and CEO Elon Musk's wealth too witnessed a fall of $16 billion. 

This year, Tesla has witnessed a rise in stocks after rising around 300 percent due to which the company is now worth more than some of the world's largest automakers, including Toyota and Volkswagen.

After Tesla reported its fourth consecutive quarter of profitability in July, some investors expected the company to be included this quarter. Following the news, the company's stock dropped 7 percent after hours on Friday. 

Last month, Tesla split its stock 5-to-1, this move by the company saw a significant rise in the value despite having no fundamental impact on the stock. However, it declined a few days later after its largest shareholder, Baillie Gifford cut its stake in the company. 

Publish : 2020-09-11 13:48:22

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