Tesla’s stock price fell the most in a single day since September 2020 on Monday. The slide in Tesla’s worth was fueled by Musk’s statements on Saturday that the values of Bitcoin and Ether “certainly look exorbitant.”
Musk’s post came after Tesla said two weeks ago that it had added $1.5 billion in Bitcoin to its balance sheet.
On Tuesday, Bitcoin, the most valuable cryptocurrency globally, plummeted as high as 12.5 percent to $48,071 as a period of uncertainty fueled concerns about the token’s long-term stability.
Musk’s statement that Tesla’s Model Y Standard Range SUV will remain “off the menu” because it fails to meet the company’s “Standard of Excellence” contributed to its stock price plunging.