Tesla Shares Fall for a Fourth Day After $200 Billion Wipeout -Breaking
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© Reuters. Tesla shares fall for the fourth day after $200 billion Wipeout(Bloomberg) – Tesla (NASDAQ) Inc. was down as much as 1.6% during premarket trading Wednesday following a three day slide in which more than $200 billion has been lost.
Shares of the electric-vehicle company have plunged nearly 17% since Thursday’s close, including their worst two days of selling since September 2020 as investor sentiment soured amid a wave of negative headlines.
Chief Executive Officer Elon Musk sparked this week’s selloff after asking his Twitter followers over the weekend if he should sell 10% of his stake in the firm.
Tesla traded down 1.5% at $1009 in New York as of 7:24 am. As investors wait for key inflation data, futures contracts on were down 0.3% and 0.5%, respectively.
Just two weeks ago, Tesla was one of five U.S. publicly traded companies with a valuation above $1 trillion. Still, despite the recent pressure, the stock has returned about 143% over the last year, making it one of the S&P 500 Index’s best performing members during that span.
©2021 Bloomberg L.P.
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