Tesla CEO Elon Musk speaks at a delivery ceremony for Tesla China-made Model 3 in Shanghai, east China, Jan. 7, 2020.
Ding Ting | Xinhua News Agency | Getty Images
Shares of Tesla closed down 8.55% on Monday, as investors betting on a pandemic comeback rotated out of Big Tech and piled into cyclical stocks.
It was Tesla’s biggest drop since Sept. 23, 2020, when it closed down 10.34%.
Shares of the company’s Big Tech peers also dropped Monday, with Apple, Amazon and Microsoft each closing down more than 2%. Overall, the Nasdaq Composite fell 2.5% on Monday, while the Dow Jones Industrial Average reversed a 200-point loss to close up 0.1%.
Tesla’s stock could also have been dragged down from…