Tesla has seen a huge drop in its market capitalisation after it was left out of America’s S&P 500 list of leading blue-chip companies.
In total it has lost almost a fifth of its value, with around US$145 billion (£111 billion) since last Monday. This has personally cost owner Elon Musk around $30 billion.
The Daily Telegraph reports that Tesla shares have soared in recent months, partly on anticipation of being included in the S&P 500. However, the company was passed over on Friday, with online retailer Etsy, robotics maker Teradyne and pharmaceutical company Catalent chosen instead.
SEB analyst Lara Mohtadi told the paper the sell-off was driven by investors seizing “an opportunity to lock in gains”, with Deutsche Bank labelling a knock for America’s ascendant Big Tech companies the “main culprit” behind the losses.