Tesla loses $120 billion of its market value in one day

Tesla shares fell by 7% in yesterday’s session, Thursday, recording the largest daily loss in nearly a full year, with the company losing $120 billion of its market value in one day.
These losses came even though the electric car manufacturer reported sales in the second quarter that exceeded expectations, driven by a recovery in the European market.
The company delivered 480,126 vehicles during the April-June period, a record for the second quarter, an increase of nearly 25% from the previous year, easily exceeding analysts’ average estimate of 402,776 vehicles.
Tesla’s recovery in Europe has been contributed to by rising fuel prices, government incentives for electric cars, the accelerating pace of converting corporate fleets to electricity, and a decline in negative consumer reactions to CEO Elon Musk’s far-right tendencies last year.