Tesla Inc.’s valuation fell under $1 trillion on Monday, with a 5% loss sending the EV maker into a bear market for the third time this year.
Tesla shares
TSLA,
-4.98%
closed at $966.41, bringing December losses to more than 154%, which is shaping up to be the stock’s worst monthly performance since March 2020.
Monday’s close was the lowest since Oct. 22, when the stock ended at $909.68.
The stock is also down more than 21% from its record closing high of $1,229.91 on Nov. 4, signaling a bear market, which, as many on Wall Street define it, is marked as a decline of at least 20% from a peak. It is Tesla’s third bear market of the year.
The stock entered a bear market in late February and in mid-May. Tesla had been in a bull market from late June.
Tesla’s valuation shot past $1 trillion in October, on the heels of news that Hertz Global Holdings Inc. planned to order 100,000 Tesla vehicles.
The stock is holding on to yearly gains, however, and an outperformance versus the broader equity market. Tesla has gained 37% so far this year, compared with an advance of 24% for the S&P 500 index.
SPX,
-0.91%