Tesla shares plunge 21% as Wall Street tech sell-off continues

US tech giants Tesla, Apple and Amazon saw billions wiped off of their combined valuations as the tech-heavy Nasdaq stock market fell 4 per cent on Tuesday.

It marks the third day of falls for the market, continuing on from losses on Thursday and Friday last week, with Wall Street closed on Monday for Labor Day.

READ MORE: Amazon, Apple, Tesla and Walmart to take hit from coronavirus shutdown as $420bn wiped off economy

Shares in Tesla dropped 21 per cent on Tuesday, brining its market valuation down by roughly $82 billion to $307.7 billion, its biggest one-day loss on record.

Meanwhile Apple’s stocks fell 6.7 per cent, and Amazon by 4.3 per cent.

Tesla’s stock prices have risen 74.1 per cent in August alone, up around 400 per cent for this year.

The drop for Tesla came after S&P Global skipped over Tesla for inclusion in the S&P 500 index.

The S&P 500 Index Committee had been expected to give Tesla’s share price another boost as index-fund investors added the stock to their portfolios.

In a surprise move for the committee, it was in fact online marketplace Etsy that gained a place on the index.

It has been a volatile year for the US’ tech giants, despite gains made for many with customers under lockdown for almost six months.

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