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Data: FactSet; Chart: Axios Visuals

Tesla shares fell 12% Tuesday — nearly putting its market cap back under $1 trillion less than two weeks after it entered the exclusive trillion-dollar club.

  • The company shed over $150 billion in value since its peak last Thursday, according to FactSet.

The reason for the slide? It could be a company filing with the SEC that showed Elon Musk's brother, Kimbal Musk, dumped shares on Friday — the day before the Tesla chief launched a Twitter poll asking his followers if he should sell some of his stake.

  • It could also have to do with the mounting expectations that Elon Musk will monetize some of his holdings.
  • Insider reported Tuesday that the Tesla CEO may need to sell shares to service his personal loans.

The bottom line: “The stock is extremely overvalued from a long-term perspective, and investors are struggling with the valuation,” Tudor, Pickering, Holt & Co. analyst Matt Portillo told Bloomberg. The stock-sale poll was an excuse for investors to pull back, he said.

Go deeper

Charlie Munger calls 2021 markets "even crazier" than dot-com bust

Charlie Munger attends the annual Berkshire shareholders meeting in Omaha, Neb., in 2019. Photo: Johannes Eisele/AFP via Getty Images

Berkshire Hathaway's Charlie Munger said at a conference Friday that markets are now overvalued and "even crazier than the dot-com era," the Australian Financial Review reports.

The big picture: Warren Buffett's right-hand man also praised China's ban on cryptocurrencies, which he said should never have been invented, according to the AFR.

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Philanthropy in the age of crypto

Illustration: Annelise Capossela/Axios

The best charities are increasingly effective. That's the clear message sent by Open Philanthropy, the think tank that doubles as the grant-making vehicle for Facebook co-founder Dustin Moskovitz and his wife Cari Tuna.

Why it matters: With tech and crypto wealth becoming a fast-growing part of the philanthropic pie, there's more of an emphasis than ever on effectiveness — what the newly-divorced Melinda French Gates, in her recent Giving Pledge update, characterizes as giving as "impactfully as possible."