Shares in electric car firm Tesla fell over five per cent today as the stock continued to rapidly shed value amid a widespread sell-off in high-value stocks.
Since hitting an all-time high on 26 January, the Elon Musk-founded firm has shed a third of its value, the third time in the past year that it has suffered so drastic a correction.
Tesla is now trading at $563.09 per share, down from $883.09 per share in January.
As a result of the plunge, the California-based firm has seen its market capitalisation fall $300bn to $550bn.
That means it is now smaller than Facebook, which it leapfrogged on admission to the S&P 500 in December.
Heavyweight tech stocks have been undergoing consistent losses since the middle of February, when the Nasdaq closed at a record high.
However, just as it outpaced the rest of the market on the way up, so too is Tesla speeding ahead of other stocks on the way down.
With the stock’s surge based on hopes that it would expand production at a faster rate, Musk on Saturday tweeted that an update on Tesla’s planned Cybertruck pickup would likely be provided in the second quarter. The update seemed to trigger the latest plunge.