Tesla Inc shares closed lower for a fifth straight session on Monday, sending the company's market value down more than $ 277 billion over the past month.
"People very aggressively invested in these shares, having raised them from 40 to 900 dollars, which means that such securities are falling in price just as quickly," - quoted by Reuters analyst Roth Capital Partners Craig Irwin.
The Nasdaq hi-tech index has dropped more than 10.5% over the past three weeks. Tesla shares fell 6.5% on Monday, while peers Nio Inc and Li Auto closed 7.6% and 5.0% lower, respectively.
The automotive industry as a whole has been pressured by a global shortage of semiconductor chips, causing severe delays in production activities and forcing many companies to cut production.
Tesla CEO Elon Musk said in late February that the company's Fremont, Calif. plant had been closed for two days due to "parts shortages."
Reuters calculates that the weekly selloff reduced Musk's fortune by more than $ 49 billion as of Friday.
