After announcing its first-quarter profits, Tesla shares plummeted by more than 4% on Tuesday. This fall is a result of failure to mitigate investor concerns about its soaring evaluation, the chip shortage and rising competition. A part of it also relied on the liquidation of 10% of its $1.5 billion bitcoin investment. (Also read: Elon Musk says Tesla sold Bitcoin to prove liquidity as cash alternative)Elon Musk however did earn option payouts worth $11 billion based on the goals reached by the company. The shares closed at 4.5% at $704.74, down by more than 20% from its intraday high that the electric carmaker reached in January.

Source: Hindustan Times April 28, 2021 05:15 UTC