September 20, 2020

Tesla dumped $5B worth of its stock in just 4 days — and traders hate it

A market sell-off triggered by Tesla’s dumping of $5 billion worth of stock continued on Tuesday, with the electric vehicle share price sinking by more than 15% in the early hours of trade. Tesla stock opened the day at $356, and soon hit a low of $335.99 — down more than 32% since disclosing its “at-the-market” plan (a fancy term for fire sale) to the SEC on September 1. At the end of August, Tesla stock had returned 974% in one year, from $46.36 to $498.32. Of course, those figures take the company’s recent five-for-one stock split into account, a dog whistle to…

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Source:: The Next Web – Technology


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