Tesla Inc.’s valuation fell under $1 trillion on Monday, with a loss of more than 4% sending the stock flirting with bear market territory.
Tesla shares
TSLA,
were down 4.7%, bringing December losses to more than 14%, which is shaping up to be the stock’s worst monthly performance since March 2020.
A close around current levels would be the lowest since Oct. 22, when the stock closed at $909.68.
It would also be down 21.35% from its record closing high of $1,229.91 on Nov. 4, signaling a bear market, which, as many on Wall Street define it, is marked as a decline of at least 20% from a peak. It would be Tesla’s third bear market of the year.
Tesla’s valuation shot past $1 trillion in October, on the heels of news that Hertz Global Holdings Inc. planned to order 100,000 Tesla vehicles.
This post was originally published on Market Watch
