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Tesla has approached the territory of the bear market after a long fall | Automotive News

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The stock recovered slightly to close at 1.9 percent at $ 1,013.39, marking a decline of nearly 18 percent from its November 4 high.

Shares of Tesla Inc. are approaching bear market territory after falling last week as CEO Elon Musk sold part of his shares in the electric vehicle manufacturer, and said he could sell more.

Shares fell to 5.3% in New York on Monday, falling more than 20% from a record $ 1,229.91 hit on Nov. 4. Then the shares recovered slightly, closing at $ 1.9% at $ 1,013.39, up nearly 18%. from top to bottom. A condition enters the full market when it falls by 20% at closing.

The drop was caused by a Twitter poll Musk asked his followers if he should sell some shares in the company, after which it was reported that he had unloaded about $ 7 billion worth of shares.

Shares may have been traded last week by Amazon.com Inc. and being subjected to additional pressure as a result of the successful debut of Ford Motor Co.-sponsored electric truck manufacturers, and some said it may be a legitimate choice for institutional investors who only had it before. had Tesla to play EV space. Shares of Rivian rose another 15% on Monday, bringing the total gain on the IPO to 91%.



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