Tesla shares fell 15.4% in the week after today’s closure of Wall Street, in the wake of stock sales by the company’s CEO, Elon Musk.
The decline is the worst weekly performance of the Tesla stock in the last 20 months and the worst performance in its history, except for the declines that occurred in February and March 2020 when the coronavirus pandemic had hit the markets hard.
Meanwhile, the company’s share fell 2.8% today.
Musk, who still holds more than 167 million Tesla shares in the financial statements released Friday morning, has sold about $ 5.7 billion worth of shares this week, according to CNBC.
Prior to the announcement of the plan to sell the shares, Musk had asked his 62.5 million followers on Twitter to vote in a poll on whether he should sell 10% of his shares, stressing that he would abide by the result of the vote. . In this poll, 58% of them voted in favor of the sale and 42% against. According to the report, however, this week’s deposits reveal that, in fact, he knew that some of his shares were scheduled to go on sale this week.
Tesla shares have risen 46.4% since the beginning of the year, after a record high of $ 1,229.91 on November 4.
By comparison, shares of Ford, General Motors and Volkswagen AG are up 120%, 51% and 66% respectively so far this year.
Meanwhile, the fall in Tesla shares coincided with the strong debut of the share of the electric vehicle industry Rivian Automotive during the week on the Nasdaq dashboard. The company’s share closed with a rise of 5.6% today, while from its debut on Wednesday until today it records a “jump” of 66.6%.
Source From: Capital