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Tech Down As Bitcoin Selloff Weighs On Sector — Tech Roundup

Shares of technology companies fell as a selloff of cryptocurrencies and related stocks rippled through the sector.

Shares of cryptocurrency exchange Coinbase fell sharply after a plunge in the value of some digital currencies. Among other stocks associated with bitcoin, shares of Overstock.com fell sharply.

The U.K. government is starting a national-security review of Nvidia's $40 billion deal to buy British chip designer Arm from SoftBank Group, raising a new hurdle for an industry-reshaping proposal facing significant regulatory scrutiny around the world.

Shares of electric-car maker Tesla tumbled after reports that U.S. safety officials were investigating a fatal weekend crash involving a Model S sedan, which was operating without anyone in the driver's seat when it crashed into a tree Saturday night north of Houston, killing two men. Tesla also faced a public-relations issue in China, where viral footage showed a woman who had made a disputed claim about the company's brake safety being dragged away from a trade-show display.

China's Meituan is raising as much as $10 billion from investors, hoping that it will be able to gain an edge on its e-commerce rivals by spending heavily on technology allowing it to deliver goods using drones and self-driving cars.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

April 19, 2021 16:56 ET (20:56 GMT)

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