- The stock price of Tesla Inc (NASDAQ: TSLA) fell by over 7% pre-market. This is why it happened.
The stock price of Tesla Inc (NASDAQ: TSLA) fell by over 7% pre-market as of 5:46 AM ET. This appears to be a continuation of the momentum reversal happening this week.
Some of the economic forces that are driving stock prices down this week have to do with climbing Treasury yields and the potential of rising inflation triggering valuation concerns, which hit the shares of major growth companies.
Tesla CEO Elon Musk also published a tweet that the prices of Bitcoin (BTC) and Ethereum (ETH) were high. This also likely had an impact on Tesla’s stock price since the automaker invested $1.5 billion in bitcoin. And Tesla is also going to accept bitcoin as payment for Tesla vehicles in the future.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.