Shares of Tesla declined 15.4% for the week as of Friday’s shut after CEO Elon Musk commenced along with his plans to promote an enormous block of his holdings this week.

It marks Tesla’s worst one-week efficiency in 20 months, and the inventory’s worst week ever excluding declines that occurred in February and March 2020 because the coronavirus pandemic emerged within the U.S., roiling markets.

Tesla closed down 2.8% on Friday.

Musk, who nonetheless owns greater than 167 million shares of Tesla in line with monetary filings out Friday morning, sold stock worth around $5.7 billion this week.

Musk offered shares partially to fulfill tax obligations associated to an train of inventory choices. Earlier than his sale plan was made public, Musk requested his 62.5 million Twitter followers to vote in a casual ballot, telling them their vote would decide the way forward for his Tesla holdings. This week’s filings reveal that, the truth is, he knew a few of his shares had been slated on the market this week.

Tesla shares are nonetheless up 46.4% year-to-date following a file closing worth of $1,229.91 on Nov. 4, 2021.

By comparability, Ford shares are up round 120%, General Motors shares are up round 51% and Volkswagen AG shares have risen round 66% year-to-date.

The droop in Tesla’s inventory worth adopted a sell-off, and coincided with a record-breaking IPO in autos for Rivian, a more moderen maker of totally electrical pickup vans and sport utility autos.

Shares of Rivian closed up 5.6% on Friday. It is up 66.6% since its debut on Wednesday.

Rivian raised round $12 billion in its market debut Wednesday, making its IPO the biggest on this planet this yr to date. Rivian now ranks the second most respected automobile producer within the U.S. behind Tesla, although it expects to file lower than $1 million in gross sales for the third quarter.

In monetary filings, Rivian stated that it has 55,400 preorders for its R1S SUV and R1T pickup truck, plus a contract to construct 100,000 electrical supply vans for Amazon by 2030.

Musk responded to Rivian’s IPO success on Twitter saying:

“I hope they’re in a position to obtain excessive manufacturing & breakeven money stream. That’s the true take a look at. There have been lots of of automotive startups, each electrical & combustion, however Tesla is simply American carmaker to achieve excessive quantity manufacturing & optimistic money stream in previous 100 years.”