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Tesla Shares Fall for a Fourth Day After $200 Billion Wipeout

Published 11/10/2021, 07:25 AM
Updated 11/10/2021, 07:45 AM
© Reuters.  Tesla Shares Fall for a Fourth Day After $200 Billion Wipeout

(Bloomberg) -- Tesla (NASDAQ:TSLA) Inc. slipped as much as 1.6% in premarket trading Wednesday, following a three-day slide that has erased more than $200 billion in value.

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 was trading down 1.5% at $1,009 as of 7:24 a.m. in New York. Futures contracts on the S&P 500 Index and Nasdaq 100 were 0.3% and 0.5% lower, respectively, Wednesday as investors await key inflation data.

The rapid drop in value comes just over two weeks after Tesla became one of only five publicly traded U.S. companies to have a valuation north of $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.

 

Latest comments

I wouldn't even buy this company above $300 lol
More dip is expected 🌚Let's see Musk's shares up for grabs in the weeks to come.. Probably a 38.2% Bullish correction before the main trend change 😑
i see 25% correction today .
Let's see how many dip buyers will show up
Won’t happen until the uncertainty surrounding when Elon sold is resolved. Should happen this week, gotta wait for the Form 4 to be filed with SEC.
I guess the uncertainty has been resolved now...
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