Tesla (TSLA) dropped 20% on Tuesday, which erased over $76 Billion in market capitalization.
Tesla was a key player in the recent tech sell-off which affected Apple, Microsoft, Amazon, Google, and plenty more stocks in the tech sector.
A key factor in Tesla’s significant drop was their exclusion from the S&P 500 index, which companies such as Etsy joined recently. Despite the company’s successful quarters this past year, this news may come at a shock to some investors, as many investors speculated that Tesla will be added to the index.
More on this as it develops.