Tesla Plunges $200B as Tech Sells Off

Tesla shares suffered their worst drop in a year, wiping out $200 billion in market value, after Elon Musk’s plan to spend aggressively unsettled investors.

The rout spread across Wall Street as Alphabet and other tech giants also tumbled on AI cost concerns and oil hitting $100 a barrel.

Alphabet raised its capital spending forecast to as much as $205 billion, fueling fears of runaway AI investment.

The Magnificent Seven collectively shed roughly $890 billion in market value on Thursday.