Tesla share price climbs, rebounding from Tuesday’s record plunge

Tesla share price stages some form of recovery a day after plummeted 21%.
By : Bloomberg
| Updated on: 09 Sep 2020, 10:29 PM
Tesla CEO Elon Musk pictured. (REUTERS)
Tesla CEO Elon Musk pictured. (REUTERS)
Tesla CEO Elon Musk pictured. (REUTERS)
Tesla CEO Elon Musk pictured.

Tesla Inc. shares rose on Wednesday, clawing back a fraction of the value it lost a day earlier when the electric-vehicle maker’s stock suffered its worst one-day decline in its history.

(Also read: How Elon Musk lost record $16.3 billion in a day)

The car company led by Elon Musk plummeted 21% on Tuesday -- its biggest drop since going public in 2010 -- after it was passed over for inclusion in the S&P 500 Index Friday. The slump, which came amid a widespread selloff that saw tech firms leading the declines, wiped out $82 billion in Tesla’s market value.

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The Nasdaq 100 Index was also recovering Wednesday, adding 2.2%. Tesla gained as much as 8.4% to $357.88 in New York. The stock has quadrupled this year. The company has overcome production snarls and posted its fourth consecutive profitable quarter. It also received a boost amid optimism for its Battery Day event later this month.

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First Published Date: 09 Sep 2020, 08:22 PM IST
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