Mubasher: Tesla’s share declined by more than 6 percent during Friday’s trading, losing $ 90 billion of its market value this week.
The boom that helped propel the company into the ranks of the Standard & Poor’s Index in 2020 turned sharply lower this year, as competition intensified with major automakers aiming to switch to electric cars, including General Motors and Ford. motor”.
Tesla also took a hit, with a massive sell-off of technology stocks, with US bond yields rising to their highest level in a year.
By 7:15 PM GMT, Tesla’s stock was down 6.1 percent to $ 583.8, with the company’s market value tumbling to $ 540 billion.
Shares of the American company are heading for a weekly loss of about 17 percent.