American electric vehicle Tesla has seen a decline in its shares by 6 percent, after riding high for over a year.
The company’s shares depreciated by 6 percent following the 8.5 percent it recorded on Monday.
Its stock ended the trading day at $619, making it the first time Tesla’s shares would fall below the $700 mark since December 31.
It hit a record high in shares on January 26 when it rose to $800.
The loss recorded by Tesla dropped its CEO Elon Musk from the title of the richest man, consigning him to the number 2 spot behind Jeff Bezos, Amazon founder.
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Investment in Bitcoin
Tesla’s announcement of a $1.5 billion investment in bitcoin sent bitcoin’s value rising close to the $60,000 mark.
The announcement also boosted Tesla’s bottom line, as it reportedly earned an estimated $1 billion in profit, a figure higher than it has ever accrued from the sale of cars.
A tech analyst for Wedbush Securities Daniel Ives, said, “Bitcoin is the smart move at the right time for Tesla in our opinion, but on the downside its playing with firecrackers and risks and volatility are added to the Tesla story.”
