Volta (NYSE: VLTA) stock crashed Monday and was trading down a jaw-dropping 21% as of 10:50 a.m. ET.
With inflation hitting 40-year highs, fears of a more aggressive interest rate hike from the Federal Reserve and recession are looming larger than ever, triggering a sell-off in stocks. Volta's plunge today, though, goes beyond the broader market weakness: Uncertainty looms large on the future of the company, which primarily derives revenue from advertising on electric vehicle charging stations.
This morning, Volta announced some changes to its C-suite, including an update about an executive-level departure that even attracted an analyst downgrade.
For further details see:
Volta Stock Plunges on C-Suite Shuffle and Delisting Fears