It is a good thing we sold our Tesla stock. Because today they endured their biggest fall since September 2020.
Shares of Tesla closed down 8.55% on Monday, as investors betting on a pandemic comeback rotated out Big Tech and piled into cyclical stocks says CNBC. It’s Tesla’s biggest drop since Sept. 23, 2020, when it closed down 10.34%,
Tesla’s stock could also have been dragged down from Bitcoin, which slowed its rally on Monday. The coin was down about 6% after the bell Monday.
Bitcoin was super volatile today. At one point the Bitcoin price touched $58.000 after which they fell back to $48.000 to return to about $55.000 right now.
Earlier this month, Tesla disclosed it bought $1.5 billion worth of Bitcoin for “more flexibility to further diversify and maximize returns on our cash.” The company also said it plans to start accepting payment in Bitcoin. Tesla is on its way to make more from its Bitcoin investments than profits from selling its electric cars in all of 2020, 🙂