Nunavut Post

Thursday, February 29, 2024

Elon Musk gave Tesla its worst week in 20 months

Elon Musk

The stock of Tesla just concluded its worst week in 20 months.

Until Friday’s close, the company’s worst weeks were in February and March 2020. When the coronavirus epidemic exploded in the United States, roiling markets.

Tesla’s stock fell 15.4% this week after CEO Elon Musk announced his intention to sell a big part of his shares this week. Tesla’s shares dropped by 2.8% on Friday. According to financial records released Friday morning, musk, who still holds over 167 million Tesla shares, sold stock worth $5.7 billion this week.

Musk sold some of his stock to cover tax bills resulting from the exercise of stock options. Musk questioned his 62.5 million Twitter followers to vote in an informal poll before announcing his selling proposal, telling them that their vote will determine the direction of his Tesla holdings.

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According to this week’s reports, he was clear that some of his shares would be sold this week. Later a record closing price of $1,229.91 on November 4, 2021, Tesla shares are still up around 46 percent year to year.

Year-to-date, Ford shares have increased approximately 120% , GM shares have risen around 51% , and Volkswagen AG shares have risen about 66 percent.

The drop in Tesla’s stock price followed a sell-off. It coincided with Rivian, a newer maker of completely electric pickup trucks and sport utility vehicles, launching a record-breaking IPO in the auto industry.

Rivian’s stock closed the day up 5.6 % Since its debut on Wednesday, it has risen around 66.6 %. Rivian said in financial documents that it has 55,400 preorders for its R1S SUV and R1T pickup truck, as well as a contract with Amazon to build 100,000 electric delivery vans by 2030.

Source: CNBC News

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