Tesla Inc (NASDAQ:TSLA) shares are trading lower by 3.16% to $185.26 Wednesday morning. The stock hit a new 52-week low of $185.00 Wednesday after a Tuesday filing revealed CEO Elon Musk has sold 19.5 million shares of the automaker worth nearly $4 billion between Nov. 4 and Nov. 8.
The sale of Tesla stock takes place soon after Musk took over Twitter on Oct. 28, in a $44 billion deal.
The billionaire entrepreneur has previously stated that he and other investors have overpaid for the platform but has cited the company’s “long-term potential.”…Read More
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Tesla shares have also seen marked weakness in recent sessions as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy. Last Wednesday’s Federal Reserve decision and subsequent comments from Fed Chair Powell sent stocks lower as Powell said the chances of a soft landing have narrowed and reiterated the need to combat inflation.
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According to data from Benzinga Pro, TSLA has a 52-week high of $402.67 and a 52-week low of $185.00.
