Tesla’s 3-Day Correction Approaches 20% as Rally Pauses
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Tesla Inc. shares are now officially in correction territory, in a week that saw the electric-vehicle maker announce a share sale that could dilute its value and a top holder cut its stake nearly in half.
Shares of the company closed down 9% on Thursday, bringing the loss since Monday’s close to over 18%, the steepest 3-day drop since mid-March. The decline came amid a broader slump in high-flying tech stocks that pushed the Nasdaq 100 to its worst one-day loss since March.