Tesla Sinks 50% From November Record High as Troubles Pile Up

(Bloomberg) -- Tesla Inc. shares tumbled about 50% from their all-time high, amid a broader selloff in the US stock market that has hit growth and technology companies especially hard. The electric vehicle-maker’s shares closed down 7.6% to $204.99 on Friday, taking its market capitalization to $642 billion. The decline has now sliced in half the stock’s Nov. 4 record closing high of $409.97. Riskier growth stocks with rich valuations have borne the brunt of the selloff. On top of that, Tesla’s factory in Shanghai has faced disruptions due to Covid-19 lockdowns in the city.