Tesla Inc shares extended their decline for 2024, pushing the electric-vehicle maker’s market valuation below US$500 billion, as a round of job cuts this week further soured sentiment around the company.
The stock tumbled about 4% to below US$154 at one point on Tuesday in New York, bringing this year’s drop to some 38%. Tesla shares are the second-biggest decliner on the S&P 500 Index in 2024, erasing more than US$290 billion in value since year-end. The company hasn’t closed with a market value under US$500 billion since late April of last year.
