Tesla’s stock tumble lops over $14.5 billion of its market cap this month
Tesla Inc.’s stock plunge has lopped over $14.5 billion off the electric car maker’s market capitalization this month, and has slashed the value of co-Founder and Chief Executive Elon Musk’s stake by nearly $3 billion. The stock has tumbled $86.50, or 25.2%, month to date, the biggest monthly selloff in its history, amid growing concerns over the company’s cash position and worries about a government investigation into a recent fatal crash. With 168,919,941 shares outstanding as of Feb. 14, the price decline reduces Tesla’s market cap by $14.61 billion to $43.34 billion. That’s below General Motors Co.’s market cap of $49.61 billion, but still above Ford Motor Co.’s market cap of $43.03 billion. Meanwhile, Musk owned 33.63 million Tesla common shares, or about 19.9% of the shares outstanding, according to FactSet. That means the monthly price decline has cut the value of his holding by $2.91 billion. The stock has now lost 7.5% over the past year, while GM shares have slipped 0.6% and the S&P 500 has gained 10.8%.
Source : MTV
