Dec 22, 2020
DETROIT (AP) In the middle of last year, Tesla’s losses were piling up, sales weren’t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn’t be able to pay its bills and would have to be restructured financially.
Since then, the electric car and solar panel maker’s shares have skyrocketed, rising nearly 700% this year alone. Monday was its first day of being included in the prestigious S&P 500, and it didn’t go well. Shares tumbled 6.5% to $649.86 even though the index as a whole lost only 0.4%. The stock hit a record high on Friday.
High-flying Tesla stock takes a hit on 1st day in S&P 500 - Business News
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High-flying Tesla stock takes a hit on 1st day in S&P 500 - Medicine Hat NewsMedicine Hat News
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Tesla shares plummet by nearly 7% on first day of trading in S&P 500 Megan Sheets For Dailymail.com and Associated Press © Provided by Daily Mail MailOnline logo
Shares in Tesla Inc sank by nearly seven percent on the firm s first day of trading in the S&P 500 Index as fears over a new strain of coronavirus took a toll on markets worldwide.
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The electric carmaker became the most valuable company to ever be added to Wall Street s main benchmark on Monday - accounting for 1.69 percent of the index - after a banner year which has seen its shares skyrocket more than 730 percent.