Tesla shares plunged for three consecutive weeks

Tesla continued to see stock prices plummet during the opening session on Tuesday as investors lost interest in the adventures of tech companies and turned to other areas.

Tesla shares saw the biggest drop of 13% – the worst intraday decline since last September before rebounding. At the end of the 3rd session, the stock fell 2.19%.

Tesla shares fell 8.55% earlier on Monday, and so far this year Tesla’s stock has been falling backwards.

The decline in Tesla shares shows that the trend toward tech stocks has cooled down after becoming the most popular sector during the pandemic.

Tesla has now seen its share price fall for the third week in a row.

The company is also experiencing a strong shake after spending $ 1.5 billion to buy bitcoin. Bitcoin’s price is now down 10% in the past 24 hours, down below $ 50,000.

Tesla ends 2020 as one of the best stocks in the world. This continued in early 2021 when their shares hit an all-time high on Jan. 25. However since then, the stock has fallen 28%.

The company isn’t the only tech name that has seen selling pressure in recent sessions. On Monday, the Nasdaq fell 2.5% as shares of Apple, Amazon and Microsoft all fell more than 2%.

Yesterday was also a bad day for billionaire Elon Musk. After commenting on Twitter that Bitcoin and Ethereum appeared to be too high, the price of bitcoin and Tesla shares fell. Elon Musk’s fortune has quickly evaporated $ 15 billion, making him no longer the richest billionaire on the planet.

Thus, after a long period of seeing growth rates of more than 700% a year, Tesla shares are gradually cooling.