Hyperdrive
Tesla Shares Approach Bear Market Territory on Prolonged Selloff
- Stock is down nearly 18% from its Nov. 4 record high
- Musk’s share sale, hint that more may follow, weigh on shares
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Tesla Inc. shares are nearing bear-market territory after tumbling over the past week as Chief Executive Officer Elon Musk sold a chunk of his stock in the electric vehicle maker, and hinted that he may sell more.
The shares dropped as much as 5.3% on Monday in New York, retreating more than 20% from the record high of $1,229.91 touched on Nov. 4. The stock then recovered a bit to close down 1.9% at $1,013.39, marking a nearly 18% decline from the high. A stock enters a bear market when it falls 20% on a closing basis.