Tesla shares snap 11-week winning streak after Musk sells more stock | Malay Mail

NEW YORK, Nov 13 — Shares of Tesla Inc closed lower yesterday, snapping an 11-week winning streak after filings showed CEO Elon Musk sold another block of company stock worth about US$700 million , taking advantage of a meteoric rally that vaulted the electric-car maker’s value to over US$1 trillion.

Musk’s trust sold 587,638 and 52,099 shares on Thursday in multiple transactions totaling about US$687 million, according to two separate filings yesterday. By getting Twitter users to green-light the move, he has blunted potential criticism of cashing out at a time when Tesla’s valuation has become frothy and shares are at record highs.Tesla shares fell 15.4 per cent this week and lost some US$187 billion in market value, more than the combined market capitalizations of Ford Motor Co and General Motors Co

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