Tesla climbs, rebounding from Tuesday’s record plunge

US electric car maker Tesla's showroom in Washington, DC.
US electric car maker Tesla's showroom in Washington, DC.
Saul Loeb / AFP

Tesla rose premarket Wednesday, clawing back a fraction of the value it lost a day earlier when the electric-vehicle maker’s stock suffered its worst one-day decline in its history.

The car company founded by Elon Musk plummeted 21% on Tuesday - its biggest drop since going public in 2010 - after it was passed over for inclusion in the S&P 500 Index Friday. The slump, which came amid a widespread selloff that saw tech firms leading the declines, wiped out $82 billion in Tesla’s market value.

Nasdaq 100 Index futures were also recovering Wednesday, adding 1.8%. Tesla gained 6.8% to $352.85 as of 6:45 a.m. in New York. Still, the stock has nearly quadrupled this year as the company overcame production snarls and posted its fourth consecutive profitable quarter, and amid optimism for its Battery Day event later this month.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.25
(-0.09)
ZAR/GBP
20.29
(-0.13)
ZAR/EUR
18.23
(-0.10)
ZAR/AUD
11.25
(-0.23)
ZAR/JPY
0.15
(-0.04)
Gold
1787.51
(+0.09)
Silver
22.67
(+0.11)
Platinum
965.22
(+0.30)
Brent Crude
48.27
(+0.96)
Palladium
2413.01
(+0.60)
All Share
57822.50
(-0.17)
Top 40
53021.58
(-0.12)
Financial 15
11577.71
(-0.58)
Industrial 25
79894.95
(-0.12)
Resource 10
52804.55
(+0.03)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
22% - 348 votes
No, I did not.
51% - 821 votes
My landlord refused
28% - 448 votes
Vote