Tesla and Lyft are ‘riding low’ on the market

Nov 8, 2022 thejournalbiz

A real selloff in Tesla shares accelerated this week, dragging the shares 8.3% lower!

The electric vehicle-maker is on pace to close with a market value of less than $600 billion for the first time since June 21, 2021, according to Dow Jones Market data

Tweet on Tesla’s market cap

@Tesla is on pace to close with a market value of less than $600 billion for the first time since June 21, 2021, according to @DowJones Market Data. pic.twitter.com/WBqD3acIqG

— The_Journalbiz (@the_journalbiz) November 8, 2022

Factset chart on Tesla’s market cap

While Lyft light piers through dash window in Chicago. The ridesharing company is currently on pace for its lowest closing stock price on record.

Shares of Lyft are plummeting Tuesday after the company posted slower revenue growth and depressed ridership.

Tweet on the news of Lyft shares

Stock Rides Toward a Record Low!

Shares of @Lyft are plummeting Tuesday after the company posted slower revenue growth and depressed ridership.

The ride-sharing company's stock was recently down 21% to $11.14 via @WSJ pic.twitter.com/xwLUJrwnnw

— The_Journalbiz (@the_journalbiz) November 8, 2022

Factset chart on Lyft

The ride-sharing company’s stock was recently down 21% to $11.14, which would be its lowest closing price on record. The stock’s yearly decline was around 74%.

Investors are worried that competitor Uber Technologies could be stealing riders, after announcing that its ridership returned to pre-pandemic levels while Lyft’s continues to lag. Uber is flat on the day and down 34% this year.