Electric-car maker Tesla‘s shares fell 4.3% to $389.39, extending the fall for the fourth straight session.
Two TSLA insiders offload stakes in recent days as stock surged. Trades were pre-planned, according to two filings.
Market analysts and traders called Tesla’s share fall a near-term profit-taking, triggered by the company’s plan to raise $5 billion from the market and a stake sale by the second-largest shareholder Baillie Gifford.
Musk, who owns a 21% stake in Tesla, saw his net worth briefly top $100 billion last week; the billionaire entrepreneur has lost ~$20 billion since then and his net worth stood at $81.6 billion as of Friday, according to Forbes.
TSLA is the most shorted stock across the US stock market, with short interest currently at $26.88 billion as of Thursday, according to financial analytics firm S3 Partners.
TSLA split its stock 5-for-1 earlier this week. Average rating on stock is “hold”, Refinitiv data showed.
As of Thursday’s close, TSLA was up nearly five-fold this year on a split-adjusted basis.
Credit: Stocks-Markets-Economic Times