Tesla loses a third of its value for the third time

Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high. With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalization has fallen by almost $300 billion since its Jan. 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.

Tesla’s surge in recent months is rooted in expectations it will expand car production quickly and profitably.

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