Tesla, one of the best performing US stocks this year, just suffered its worst trading day since it went public 10 years ago. Shares of Tesla lost 21% of their value Tuesday after Standard & Poor's declined to add it to its index of 500 major US stocks.
Shares of Tesla lost 21% of their value Tuesday after Standard & Poor's declined to add it to its index of 500 major US stocks. Being added to the index would have required portfolio managers who mirror the index to buy additional shares. Part of the rise in Tesla shares in recent months was on anticipation that would happen.
It posted its first annual operating profit in 2019.Tuesday's 21% tumble edged out the company's 19% slide in January 2012, less than two years after its initial public offering. The company's third and fourth largest one-day drops came when it lost nearly 19% on March 16, and 17% on February 5 of this year. The stock rebounded nicely from each of those sell-offs.
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