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Tesla shares slip after heavy week of losses -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A dealership in London is displaying the logo for Tesla, a car maker, on May 14, 2021. REUTERS/Matthew Childs/File Photograph

(Reuters) – Tesla (NASDAQ) Inc shares fell in premarket trades on Monday. This follows a week of heavy losses following the sale by CEO Elon Musk of $6.9 billion in shares of the electric-car manufacturer.

In New York, shares in the company fell 2.7% to $1,005.42 after it lost around $187 billion in value in the last week.

On Sunday, Bernie Sanders demanded that wealthy people pay their tax “fair share”. This led to Musk getting into an argument with Musk.

Musk was also attacked by “The Big Short” investor Michael Burry. He tweeted: “@elonmusk loaned against 88.3M shares, sold his mansions and moved to Texas. Now @BernieSanders is asking if he should buy more stock. He doesn’t need cash. He wants $TSLA to be sold.”

According to Refinitiv data, Tesla February 2022 and January 2022 options at $900 strike prices were the most traded. This suggests that some traders are taking more risk in short term weakness.

Musk has sold 6.36 Million Tesla shares and must now sell about 10,000,000 more to meet his promise to buy 10% of the electric-vehicle manufacturer’s shares.

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