TESLA Tumbles.. Bitcoin Bites.. Musk Loses $30 Billion Overnight

Tesla stock slid again Tuesday as investors rotated out of high-flying tech names. Shares of the electric vehicle maker dipped as much as 13% — the stock’s worst day since September — before recovering most of those losses. At 10:30 a.m. on Wall Street, shares were down 3%.

Tesla’s share price is now directly linked to the price of bitcoin after Elon Musk’s company invested $1.5 billion into the volatile cryptocurrency, according to Daniel Ives, an analyst at Wedbush.

Elon Musk’s run as the richest man on earth has ended. Tesla’s months-long stratospheric stock rally seems to be coming to an end. After tumbling 6 percent, the largest single-day drop in six months, on Monday, the electric carmaker’s shares slid another 10 percent Tuesday morning as the sell-off worsened, erasing $30 billion from its founder Musk’s net worth on paper overnight.

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