Tesla’s shares, which fell nearly 5 percent on Tuesday, continued to fall on Wednesday, according tomedia reports, extending their decline to nearly 6 percent and d’athing more than $47 billion in market value in the last two trading days. Tesla closed Wednesday at $447.37, down $27.68, or 5.83 percent, from $475.05 at the close of the previous session.
Shares fell nearly 6 percent and Tesla’s market value shrank significantly, to $416.863 billion at Wednesday’s close, down $25.793 billion from $442.656 billion in the previous deal.
Wednesday’s decline was Tesla’s second straight session of declines after the 1:5 share split. Tesla shares fell 4.67 percent on Tuesday, 21.683 billion dollars less than the previous session.
Tesla’s 1:5 share split came after Friday’s close, when shares began trading on Monday, and by the close of trading on the first trading day after the split, Tesla was up 12.57 percent at $498.32, adding $51.846 billion to $464.339 billion in market value.
But Tesla’s share price continued to fall for the next two trading days after the first big rally after the share split. Tesla’s market value has shrunk significantly after two straight declines, with Wednesday’s close 47.476 billion dollars less than Monday’s close.