On Monday, Tesla’s stock price dropped the most in a single day since September 2020. Musk’s comments on Saturday that the prices of Bitcoin and Ether “do seem high” fuelled the fall in Tesla’s value.
Tesla announced two weeks ago that it had added $1.5 billion in Bitcoin to its balance sheet, prompting Musk’s tweet.
Bitcoin, the world’s most valuable cryptocurrency, fell as much as 12.5 percent to $48,071 on Tuesday, as a bout of uncertainty raised questions regarding the token’s long-term viability.
Musk’s admission that Tesla’s Model Y Standard Range SUV will still be available “off the menu” because it doesn’t meet the company’s “Standard of Excellence” was another factor in the company’s valuation plummeting.
