Tesla collapses, $ 150 billion goes up in smoke on the stock market – Capital.fr

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Tesla stock is worth it. While the electric vehicle manufacturer founded by Elon musk saw its entry into the S&P 500 index (Wall Street benchmark stock index) refused despite several quarters of profits and a colossal market capitalization, the stock plunged 21% on Tuesday to 330.21 dollars. His biggest fall since joining Wall Street in 2010, when the action started at … less than $ 5. These last months, You're here had signed a crazy flight on the stock market, driven among other things by good results in the second quarter ended in June where, despite the pandemic weighing on car purchases, the group founded and led by Elon Musk had posted a profit of 104 million dollars, higher than expectations.

This soaring title, fueled in particular by the enthusiasm of small carriers, had hoisted the manufacturer of high-end cars to the first rank of market capitalizations in the automotive sector, ahead of General Motors (GM), Ford and Fia Chrysler (FCA) combined. A flagrant stock market bubble, against which Capital has regularly warned. In mid-August, the group announced the division by five of its action to make it more affordable. But on Tuesday, the stock collapse wiped out some $ 156 billion, or more than a third of the automaker's market value, from its peak in late August.

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Tesla's poor performance is also part of the sudden shutdown that the New York Stock Exchange has experienced since the end of last week after several weeks of sharp rise, led by a sharp decline in technology stocks. Bethany Winham, a 94-year-old stock marketer who lives in upstate New York, expressed concern on Tuesday about the development of her portfolio of 10 Tesla stocks: "I'm concerned that the stock is not worth the price at which she was pushed, "she commented. "I'm afraid it's not just because they weren't included in the S&P 500," she doubted.

S&P Dow Jones Indices, the firm that manages the S&P 500, announced on Friday that e-commerce site Etsy, automation and testing equipment supplier Teradyne, and pharmaceutical contractor Catalent will join the prestigious index in September. . Tesla's name was not mentioned to him although the group meets all the conditions for membership. "On Friday after the bell, the S&P 500 released changes to its index that did not include Tesla, which was a surprise," said Daniel Ives of Wedbush Securities.

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The S&P 500 is made up of 500 large companies listed on the US Stock Exchange and is considered representative of the US equity market. To integrate this stock market index, whose members represent about 80% of the total value of companies listed on Wall Street, a company must meet several criteria then assessed by a committee meeting once a month. Along with a capitalization of at least $ 8.2 billion, a high level of liquidity, and having at least half of its shares outstanding, a group must show cumulative profit over four consecutive quarters to enter the market. club.

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Last Tuesday, Tesla had indicated, in a document sent to the SEC, the American stock market policeman, that it intended to sell until $ 5 billion new stocks "from time to time" and at market price. The group confirmed on Tuesday that it had finalized the transaction on September 4 and is considering a final sale agreement on Wednesday. However, the company's upward trajectory began to be roughed up last week when Scottish asset manager Baillie Gifford, Tesla's largest outside shareholder, announced a drop in stake from more than 6% in June to 4. , 25% at the end of August. Tesla's sharp decline also came as its competitor GM on Tuesday announced a stake in electric and hydrogen trucks Nikola, the stock of which soared by 41% on Tuesday.

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