TSLA Stock's Worst Day Ever

Rob Maurer

TSLA stock fell 21% on Monday, recording the worst single-day performance in company history following an announcement late on Friday from S&P Global detailing their quarterly index rebalancing adjustments.

Despite becoming eligible for the massive S&P 500 index in late July, Tesla was not included in the announcement of index updates. In after-hours trading on Friday, TSLA fell 4% immediately after the S&P release, signaling high expectations for Tesla's potential S&P 500 inclusion.

TSLA has fallen 34% from its highest close of last week amidst a challenging macro-environment. Apple (AAPL) -Get Report is off 16% from last week's high, while the Nasdaq index has fallen 10% over the last three trading sessions.

Tesla has also announced the completion of their $5 billion capital raise. "On September 4, 2020, Tesla, Inc. completed the sale of $5.0 billion (before commissions) of its common stock through its 'at-the-market' offering program previously disclosed on September 1, 2020," the company wrote in an SEC filing.

The capital raise should bring Tesla's cash-on-hand to more than $13 billion. Tesla likely issued roughly 11 million new shares in the offering, which may have provided additional pressure on the share price last week as the new shares were being sold.

Here's a look at the ten worst single-day performances of TSLA stock, with split-adjusted prices:

Screen Shot 2020-09-08 at 9.35.30 PM

For more news and analysis on Tesla including Elon Musk's meeting with Volkswagen's CEO, Giga Berlin updates, and significant increases to delivery wait times for Tesla vehicles, please see the included video and make sure to follow Tesla Daily on The Street.

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Disclosure: Rob Maurer is long TSLA stock and derivatives.