$100 billion wiped off from Tesla's market valuation

  • Electric car-maker Tesla Inc's shares dropped significantly after the company released its fourth-quarter earnings and future outlook.

  • The automobile company also announced that they will not bring any new vehicles this year.

  • Tesla's stocks dropped 8% and wiped off $109 billion from its market valuation.

  • The company also announced that it would not launch new models like Cybertruck this year because it would dent volume growth in the face of supply chain headwinds that would be alleviated only next year.

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