Because interest rates and Net Present Value. "Growth" by definition is future revenues and profit. You discount that to get that future profit's current value.

Because interest rates and Net Present Value. "Growth" by definition is future revenues and profit. You discount that to get that future profit's current value. If interest rates are 0% - which they practically were since about 2015, every $ in the future is equal to a $ in the present, there's no discount. That's what made businesses with tenous present-day profits but notionally profitable futures fundable. Eg: TSLA, Netflix. Even internal projects like Disney+ operated on this same math. VW on the other hand has 50+ years of actual sales. They can't suddenly claim to sell 20% more cars; no one will buy that claim. Or for eg. that ESPN satellite subs will increase by 5M. With interest rates at 6%, all those future earnings discounted to present day don't look so good anymore. Present day money has lower risk alternatives to earn return. Hence the selloff. As an aside low interest rates encouraged companies to invest in high risk, capital projects in lieu of hiring low/medium skilled labor. Eg - self driving cars, or burger flipping robots. That's had some interesting consequences for certainly US society in terms of who labor votes for.