What is happening to Tesla and other tech stocks?

Some tech stocks have had a recent glitch, which is shaking out the weaker investors for those who see positive horizons long-term. Tesla’s stock is down nearly 23 percent from the beginning of the year after rising over 300 percent over the last year. Telsa’s founder, Elon Musk, has lost approximately $24 billion of his net worth. Apple and Amazon, for example, have been similarly hit, though not as dramatically as Tesla. Apple is down 10 percent year to date while Amazon is down just over 7 percent.

Tesla, Amazon, and Apple stock price chart, Year to Date via Google Finance

While some are quick to blame Tesla for adding $1.5 billion of its treasury in Bitcoin as part of its fall, that doesn’t wash as other tech companies who have not put money it Bitcoin have suffered similar fates.

Whether this is a blip on the history of time or something more substantial, only time will tell. After all, Tesla has returned over 2,000 percent since 2019, and it is out with impressive numbers of China car sales and seems to have a bright future.

Categories: Automobiles, Business, Financial, Investing, News

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