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Elon Musk’s Tesla Stocks went in downhill when on Monday. This happened after an October deal with Hertz Global Holdings Inc. signaled a broader and mainstream adoption of its electric cars.
Tesla slid 3.5% on Monday, closing at $899,94. That put the share below where they closed the deal in October, at $4.2 billion.
The stocks peaked on 4 November, it is now down to 21% on 21 December. This is the worst month for Tesla from march 2020.
Hertz ordered 100,000 electric vehicles from Tesla put the shares in verticle rise. This pushed the company’s valuation above the coveted trillion-dollar mark. Yet the rally soon started shaking after Musk started offloading some of his stakes in the company. Tesla’s current market cap is $904 billion.
Nikola Corp. fell 7.3%, while Rivian Automotive Inc. fell by 7.9%, Workhouse Group was lower by 8.9%, and Lordstwon Motors fell by 8.2%/