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Tags: Climate Change | Financial Markets | Infrastructure | Money | Tesla | Elon Musk | EV

Tesla Shares Steady After 2-day Rout Wipes Out $200 Billion

Elon Musk
Elon Musk, Tesla CEO, tells workers at the Tesla Gigafactory in Gr'nheide, east of Berlin, that starting at the end of 2021, Tesla will produce 500,000 Model Ys here every year. (AP)

Wednesday, 10 November 2021 08:51 AM

Tesla Inc. shares edged higher on Wednesday, following a two-day rout that saw the electric-car maker shed as much as $200 billion in market capitalization.

The selloff was spurred by company chief Elon Musk's poll over the weekend asking his Twitter followers if he should sell 10% of his stake in the company. A near 58% said they supported a sale.

Tesla shares were up 1.7% at $1,041.25 by 0940 GMT after sliding 16.3% so far this week.

Investors are keeping a close watch on Tesla filings with the U.S. Securities and Exchange Commission (SEC) for any clues on Musk's share-sale plans. SEC rules give companies four working days to report major events.

Four former and current Tesla board members, including Musk's brother Kimbal Musk, filed to sell nearly $1 billion worth of shares late last month, according to filings and market data.

"A CEO asking his followers if he should sell a large number of shares is never going to reflect well in the share price. Doing so a day after his brother has sold a large number just compounds investor fears," said Craig Erlam, market analyst at Oanda.

Tesla Up Nearly 45% YTD

"That said, I think we need to take Musk with a pinch of salt, and investors may quickly view this as a dip buying opportunity."

Despite the selloff, the stock is still up nearly 45% for the year after hitting a series of record highs in an eye-watering rally that catapulted the company into the trillion-dollar club last month.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Tesla Inc shares edged higher on Wednesday, following a two-day rout that saw the electric-car maker shed as much as $200 billion in market capitalization.
Tesla, Elon Musk, EV
254
2021-51-10
Wednesday, 10 November 2021 08:51 AM
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