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Tesla stock falls further after Elon Musk loses $15B in single day

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Tesla’s stock price fell for the fourth straight day Tuesday after its massive Monday plunge wiped $15 billion off CEO Elon Musk’s net worth.

The electric-car maker’s shares slipped 4.9 percent to $679.40 in premarket trading as of 8:03 a.m., putting it on track to start the day below the price where it entered the S&P 500 index in December.

That followed an 8.5 percent drop in Tesla shares that caused CEO Elon Musk’s fortune to shrink by $15.2 billion on Monday, once again making him the world’s second-richest person behind Amazon boss Jeff Bezos, according to Bloomberg’s Billionaires Index.

Musk may have only himself to blame. Tesla’s stock tanked after his Saturday tweet declaring that the prices of bitcoin and Ether — the world’s two largest cryptocurrencies — “seem high,” raising questions about the value of the automaker’s $1.5 billion investment in the former.

Tesla had booked an estimated $1 billion paper profit on the bitcoin buy it announced two weeks ago before Musk’s post helped drive down the price of the digital coin, which fell below $50,000 early Tuesday morning.

Elon Musk called cryptocurrency a "less dumb form of liquidity than cash."
Elon Musk called cryptocurrency a “less dumb form of liquidity than cash.”
REUTERS/Dado Ruvic

Tesla shares have sunk more than 20 percent since the Silicon Valley titan disclosed its blockbuster bet on cryptocurrency, which Musk has called a “less dumb form of liquidity than cash.”

But the billionaire tech tycoon remained defiant Tuesday. When market strategist Peter Schiff pointed out on Twitter that Tesla’s stock had entered a bear market since the bitcoin announcement, Musk simply replied with an eggplant emoji, which Schiff took to mean that he was “basically calling me a dick.”

Tesla also took a hit Monday after electric-vehicle news outlet Electrek reported that the company had stopped taking orders for the cheapest version of its Model Y SUV.

Tesla shares slipped 4.9 percent to $679.40 in premarket trading as of 8:03 a.m.
Tesla shares slipped 4.9 percent to $679.40 in premarket trading as of 8:03 a.m.
Michael Reynolds/EPA

Musk appeared to confirm the news on Twitter, saying he didn’t think “the range, in many drive conditions, yet meets the Tesla standard of excellence.” He said the model was still available “off menu.”

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