Shulou(Shulou.com)11/24 Report--

Beijing, Oct. 15 (Xinhua) the sell-off in the u.s. stock market has hit growth and technology companies particularly hard, with the share price of electric car giant Tesla down about 50% from its all-time high.

As of Friday's close of trading on Tesla, Tesla's shares fell 7.6% to close at $204.99, down half from the all-time high of $409.97 set on November 4 last year. At present, Tesla's market capitalization is about 642 billion US dollars. Based on 3.13 billion outstanding shares, Tesla lost $641.6 billion (4.6 trillion yuan) in market value.

Tesla's share price fell 7.6 per cent on Friday. Tesla's plunge comes at a time when the market is in a broader crash. The gloom of the economic slowdown has unnerved investors already facing the effects of rising inflation and rising interest rates. Growth stocks with high valuations and high risks bear the brunt of the sell-off.

At the same time, Tesla himself also faces a series of troubles. The company's car delivery took a hit in the third quarter because of logistics problems. Some analysts warn that rising prices of Tesla cars may also put pressure on demand at some point. Like almost every other carmaker in the world, Tesla also faces supply shortages and soaring raw material costs. Tesla CEO Elon Musk (Elon Musk) is also engaged in a tug-of-war with Twitter on acquisitions, which has also weighed on Tesla's share price as investors worry that the company leader has distracted too much energy from a number of challenging companies.

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