Tesla shares tumbled Tuesday, after Elon Musk’s electric vehicle maker was left out of the S&P 500 by the committee that decides on new additions to the index.
Tesla shares closed down 21.06%, making it the worst one-day loss on record. Tuesday’s drop brought the company’s market valuation to $307.7 billion. The stock has been on a tear this year, having risen around 300%, and the company is now worth more than some of the world’s largest automakers, including Toyota and Volkswagen.
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