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This year’s Tesla upturn evaporates – tech turbulence on Wall Street – E24

The afternoon has been turbulent on Wall Street. Tesla has recovered from some of the sharp fall in early trade.

URGENT FALL: Tesla continues its downturn in early trading on Tuesday. Tesla boss Elon Musk is pictured here during an event in 2019.

MIKE BLAKE / Reuters


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An hour and a half into the trading day, the situation is completely different than just one hour ago. Technology-heavy Nasdaq was at worst down close to four percent, but falls by 17 “only” just over one percent.

The electric car manufacturer Tesla has been in focus on Tuesday after the company started the week down more than eight percent. On the worst Tuesday, the stock was down more than twelve percent, but now the picture is completely different.

After an hour and a half of trading, the Tesla share is down 2.38 percent to 697.53 points.

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In less than a month, the stock has thus fallen 21 percent from the top listing of 883.09 dollars, which took place on 26 January.

At the time of writing, the entire upswing the company has had this year has evaporated.

This is the situation on the leading indices:

  • The S&P 500 falls 0.32 percent
  • Nasdaq is down 1.08 percent
  • The Dow Jones is down 0.20 percent

Read on E24 +

Therefore, the next generation is drawn against shares abroad

Analyst: Tesla directly connected to bitcoin

Earlier this month, Tesla announced that it had bought bitcoin for $ 1.5 billion in January. This led to an insane upswing for the cryptocurrency.

After yesterday’s heavy fall, Wedbush analyst Daniel Ives now warns CNBC.

– Musk (CEO Elon Musk editor’s note) is in Wall Street’s eyes now connected to the bitcoin story and even though Tesla on paper has earned one billion in a month on the ownership of the digital gold, it comes with an increased risk , as seen this week, Ives writes in an email to CNBC.

He also warned that Tesla’s bitcoin purchases risk overshadowing investors’ interest in electric car production in the short term.

One bitcoin now costs $ 46,700, down 11.5 percent last year

The downturn in Tesla stock in recent days has contributed to Amazon founder Jeff Bezos now being estimated to be the world’s richest man, according to Bloomberg’s billionaire index. Elon Musk has held the position mostly continuously since the beginning of January.

Read on E24 +

You need to know this before you put your money in the stock market

Mixed for the tek shares

Otherwise, on Wall Street, the trading day is marked by the fall in technology. Apple was at most down more than five percent, but here too the fall has been significantly subdued throughout the day.

This is how it goes among the most prominent tech companies:

  • Apple falls 1.71 percent
  • Amazon is down 0.55 percent
  • Facebook is up 1.50 percent
  • Netflix is ​​up 1.57 percent
  • Alphabet (Google) is down 0.08 percent

Meanwhile, Federal Reserve Chief Jerome Powell is speaking during a Senate hearing on Tuesday. Normally, this is an event that does not receive much attention, but due to higher interest rates on government bonds and turmoil over inflation, Powell’s possible statements may affect the markets.



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