More than $25 billion worth of Tesla Inc. shares changed hands on the first day of New Year trading as the EV maker’s stock continued its downward slide.
Equity trading volume for the firm piloted by Elon Musk was the highest among all members in the S&P 500 Index and almost as much as the combined amount notched up for Apple Inc., Microsoft Corp. and Amazon.com Inc.
The shares plunged as much as 15% on Tuesday, their biggest intraday decline since September 2020, after the company delivered fewer vehicles than expected in the fourth quarter.
Tesla has tumbled 75% since its all-time intraday high in November 2021, erasing close to $900 billion of market value. The stock ticked 2% higher in pre-market trading on Wednesday, as investor Cathie Wood topped up her holding of shares in the electric-vehicle maker.
More analysts covering Tesla are cutting their share-price forecasts as the delivery miss adds to concern over near-term macro and competitive demand pressures.