Tesla shares fell on Thursday, and the world’s richest man, Elon Musk, lost $17.7 billion in just one day.
In addition to headlines about Cybertruck production delays, growing concerns about interest rate hikes, and rising 10-year treasury yields, thereby kept short sellers intensifying their positions.
After losses, Musk is worth $264 billion, according to Bloomberg Billionaires Index’s latest update.
In the wake of growing speculation about a delay in its highly anticipated Cybertruck model, shares of the American electric vehicle manufacturer fell by 6.75% on Thursday.
Read: Elon Musk made more money than Bill Gates’ total net worth in just 11 months
Investors reacted to Tesla’s decision to remove references to the Cybertruck’s 2022 production date from its website in December, Tesla’s stock shed $74.66 to close at $1,031.56, falling as early as last week before gaining broader attention Thursday.
In contrast, Tesla stock may be more at risk if Cybertruck continues to be delayed.
Cybertruck may well interfere with Tesla’s other, more immediate production goals, given the fact that Tesla is already having trouble keeping up with “fantastic” demand for its Model 3 and Model Y electric cars.
Read: Elon Musk’s Starlink on track to deliver internet service to the world
The US stock market opened higher on Thursday, only to fall into the red later in the day. The Nasdaq fell 2.5 percent, the most among major indices.
Global investors appear to be at the limit of what they are willing to tolerate, and if anything could push them over the edge, it wouldn’t take much.
Consumer prices in the US increased at the fastest pace in four decades in 2021, according to data released Wednesday. It appears that the price surge may be nearing a peak, as CPI growth slowed from November to December.
