Home > Tesla and Coinbase stocks dump on negative news

Tesla and Coinbase stocks dump on negative news

  • Tesla’s sell-off sees nearly $199 billion wiped off its market value

  • Coinbase stocks fell 13.4% post-market on dour Q3 results

Tesla Inc. sees 12% sell-off  

Tesla Inc. shares traded lower for a second day on Tuesday to compound losses for the electric car company.

After declining nearly 5% on Monday, the stock closed 12% lower on Tuesday and could see the third day of downside action if the negative sentiment holds.

Over the two days, Tesla has lost about $199 billion in market value amid investors’ negative reaction to Elon Musk’s stock-sale poll.  The Tesla chief’s brother Kimbal Musk also revealed in a 5 November filing that he sold 88,500 in the company’s shares, a scenario that has added to the sell-side pressure around the stock.

TSLA closed at $1,023 on Tuesday, having tanked from highs of $1,173. Despite the double-digit drop, the stock remains bullish long-term and is over 45% up year-to-date. Trading volume rose to $62 billion on Tuesday, up from nearly $39 billion on Monday.

Coinbase Global Inc. stock slumps in post-market trades

The Coinbase stock fell by more than 13% in post-market trading on Tuesday after the company returned lower than expected revenues as reported in its third-quarter results. 

Earlier, the stock had touched highs of $357, but COIN fell 13.4% in after-hours deals to clip lows of 310. The downside comes after the stock had surged over 5% on Monday.

The exchange turned $1.24 billion in revenue for the three months ending September, significantly lower than analyst estimates of $1.57.

The sell-off happened despite flagship cryptocurrency Bitcoin rallying to a new all-time high above $68,000, with Ethereum and many other top crypto assets posting similar gains to push the market’s value past $3 trillion.

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