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Monday’s reversal was the biggest change from positive to negative for Tesla since June 30, 2010, one day after it went public.
Photography by Andreas Dress
After a wild Monday, Tesla shares lost about $ 55 billion from their intraday peak and closed 3.1%, after rising more than 16% by one point. The slide not only hurt the electric vehicle maker, it created a SPAC attack.
First, the Tesla numbers (ticker: TSLA). They are frankly amazing.
At the top of the market on Monday, Tesla was valued at more than $ 330 billion, more than Toyota (TM), Ford Motor (F), General Motors (GM) and Fiat Chrysler Automobiles (FCAU) combined.
At the close, Tesla is worth just $ 277 billion, more than Toyota, Ford, and General Motors combined.
At the top, Tesla would have been the 10th largest company in the S&P 500. Inclusion in the S&P 500 is on everyone’s mind these days, and something investors believe is partly responsible for the recent volatility in stocks. .
At the close, Tesla would rank as the 13th largest. That is still bigger than Netflix (NFLX). What is the connection to Netflix? Tesla owners can download Netflix and watch while they’re in the car, when it’s parked, of course.
The $ 55 billion market value thrown by Tesla from peak to valley is worth more than GM and Fiat Chrysler combined. It is also more than the value of some 350 companies in the S&P.
Tesla’s reversal was the largest change from positive to negative since June 30, 2010, according to Dow Jones Market Data. That was the only time Tesla gained at least 15% intraday just to close in red. That was a day after Tesla’s initial public offering. Tesla sold shares for $ 17.
Now for SPAC, short for special purpose acquisition companies. They have been popular lately. This is how Nikola (NKLA) became a publicly listed company. EV Fisker and trucking company Hyliion are being acquired by two other SPACs: Spartan Energy Acquisition and Tortoise Acquisition (SHLL), respectively.
Nikola, Spartan and Tortoise are up 423%, 114% and 48% year-to-date, respectively. All three stocks opened higher on Monday only to close lower. Spartan fell almost 10% and Tortuga fell almost 20%. Nikola, mercifully for his investors, fell less than 1%.
What a day. The Dow Jones Industrial Average closed flat after rising early. The S&P fell at the end of the day closing around 0.9%.
Write to Al Root at [email protected]
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