Stocks have tumbled following a Wall Street technology sell-off, as fears grow over a slowing economy and U.S. interest rate hikes
EV maker Tesla recorded a drop of $126 billion on Tuesday, falling 12 percent over concerns Musk may sell his shares to help fund his Twitter takeover.
This was one of the worst drops in New York overnight.
Tesla’s market capitalisation is now down over $275 billion since April 4, when Musk first announced he has increased Twitter stake.
Stocks like Tesla are continuing to lose their appeal as investors worry about the impact of higher interest rates on future earnings.
Alphabet is also falling after reporting weaker-than-expected earnings and revenue for the first quarter of 2022, sliding around 5 percent in extended trading.
Experts believe the US Federal Reserve will increase interest rats by a half a percent during its following two meetings.
