Tesla shares drop sharply in broader tech selloff, falling 17% in morning trading – TechCrunch

Last Thursday and Friday’s public market selloff has stretched into this week, with the tech-heavy Nasdaq Composite off this morning. But while tech shares are down broadly to start the holiday-shortened week — and are taking stick for bringing down even broader indices — som…

Curated via Twitter from TechCrunch’s twitter account….

Even calling Tesla a car company — factcheck: 85% of Tesla’s revenue in its most recent car came from its automotive efforts — is enough to invite scorn and abuse on social media as acolytes of the company will heckle you for not viewing the company through the same lens tint that they prefer.

The American electric vehicle and battery company recent split its shares 5-1 after seeing their value shoot past the $2,000 a share mark.

Tesla shares gained value during their split process, an oddity given that the news should have been priced-in before the transaction took place.

But while tech shares are down broadly to start the holiday-shortened week — and are taking stick for bringing down even broader indices — some well-known technology, and technology-ish companies are suffering even more.

The company is currently worth $345. 75 per share, meaning that Tesla’s value has fallen more than 30% from recent highs.

Update: I missed that the Tesla share sale completed as of this morning, with the car company selling some $5 billion in equity.

Concern during this selloff of tech shares could dampen enthusiasm for the wave of tech, and venture-backed companies that are looking to go public while the waters for such debuts remain warm.

Link to original article….

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