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Why Tesla stock dropped on Monday

A car crash involving a Tesla over the weekend may have spooked some investors.
The post Why Tesla stock dropped on Monday appeared first on The Motley Fool Australia. –

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What Happened

Shares of Tesla (NASDAQ: TSLA) were hit hard on Monday. As of 10:30 a.m. EDT, the stock was down 5.3%.

The growth stock’s decline is likely due to two primary factors, including a car crash over the weekend involving a Tesla and a generally bearish day in the overall stock market — particularly for growth stocks.

So what

Two men died in a car crash involving a Tesla this weekend. There was no one in the driver’s seat, according to Mark Herman, Harris County, Texas, Precinct 4 Constable. One person was believed to be in the front passenger’s seat and the other was sitting in the back of the vehicle, Herman told The Wall Street Journal. The investigation of the car crash is not complete.

Tesla’s driver-assist Autopilot, which reportedly may have been involved in the crash, is meant to be used with someone ready to take over the vehicle. Though the automaker intends to eventually release a full self-driving ability for its cars, it hasn’t done so yet.

Also weighing on Tesla stock in Monday is a bearish day in the overall market. The Nasdaq Composite, for instance, is down almost 1% at the time of this writing.

Now what

Next week, investors will get insight into Tesla’s recent business performance. The electric car maker reports earnings for its first quarter of 2021 after market close on Monday, April 26.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Tesla stock dropped on Monday appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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