Tesla has lost almost all of its gains since the announcement the stock would join the S&P 500 index 2 years ago
stock has lost just about all of its gains since the announcement in November 2020 that it would join the S&P 500.after the close on November 16, 2020, that Elon Musk's company would be added to the key index. The closing price that day was $136.03, adjusted for stock splits. The November announcement sparked a massive stock rally leading up to Tesla's official addition to the S&P 500 exactly two years ago on December 21, 2020, which then set off another big gain.
But Tesla stock's round trip since then puts Michael Burry's warning from more than two years ago into renewed focus. and has warned on several occasions it would endure a devastating crash. In February 2021, he forecasted that the EV-maker would see a 90% plunge, and made bearish bets against the stock.
In 2020, Tesla soared more than 700% on the back of near-zero interest rates and pandemic-era fiscal stimulus that sparked a boom in retail trading. But since the company's peak valuation in November 2021 of roughly $1.2 trillion, it has fallen to below $440 billion, and shares have tumbled roughly 67%.
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