Shares of the most valuable electric car maker in the world drops over 7% on Monday as fears of the deadly virus “coronavirus” escalates.
Tesla Inc! market cap still sits comfortably above $150 billion, even though fear of the deadly virus that started in China last year has escalated. The Stock of the electric car maker is presently trading around $833.
Apple and other tech stocks fell ill on Monday as well, amid reports that the China coronavirus outbreak was threatening to turn into a pandemic.
Throughout fourth quarter, hedge funds increased their positions in Tesla Share from 2.687 million to 7.726 million. That amounts to an 187.5% increase in total Tesla portfolio shares, mirroring the 200% increase in share price over the last 12 months, per 13F filing information aggregated by WhaleWisdom.
Tesla is not the only car manufacturer feeling the heat, Toyota is down over 3% on the day, bringing Toyota market cap down to $190. Toyota market cap is now $37 billion bigger than Tesla’, $7 billion higher than Friday’ closing.
Do you think this market correction will last longer, or will investors jump in at this price?. Feel free to share your opinion with us in the comment section.