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Why Tesla Stock Dropped Today

TheMotleyFool

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Shares of Tesla (NASDAQ: TSLA) fell on Friday, extending a brutal decline in the electric vehicle maker's stock price since it hit new highs in late January. By the close of trading, Tesla's stock price was down 4% after falling as much as 13% earlier in the day.

Buoyed by optimism about its leadership within the fast-growing EV market and potential within the renewable energy industry, Tesla's shares soared to a record high of $900.40 on Jan. 25. Yet since that time, the stock has plunged roughly 33%. Tesla's market capitalization, in turn, has fallen from $864 billion to $574 billion during that time.

Tesla has lost a third of its value in recent weeks. Image source: Getty Images.

Source Fool.com

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