Tuesday, June 18, 2024
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Elon Musk-led Tesla was knocked out of a key US stock index’s top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session. Tuesday was Tesla’s seventh day on a losing streak, its longest since 2018. Elon Musk’s decision to halt production at Tesla’s Shanghai factory and reports of reduced output at its key production units are being cited as immediate reasons for Tesla’s nosediving shares.

Furthermore, reports that Tesla was offering individuals in the United States a $7500 discount for its two highest-volume models didn’t impress Tesla investors in addition to the signs of slowing demand.


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