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Tesla shares approach bear market territory on prolonged selloff

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Shares dropped as much as 5.3 per cent, retreating more than 20 per cent from record high of US$1,229.91

Tesla shares have been falling over the past week after chief executive Elon Musk sold a chunk of his stock and hinted he may sell more.Tesla Inc. shares are nearing bear market territory after tumbling over the past week as Chief Executive Officer Elon Musk sold a chunk of his stock in the electric vehicle maker, and hinted that he may sell more.Article content

The shares dropped as much as 5.3 per cent on Monday in New York, retreating more than 20 per cent from the record high of US$1,229.91 touched on Nov. 4. The stock recovered slightly to trade down 4.1 per cent at US$991.35 as of 11:18 a.m. A stock enters a bear market when it falls 20 per cent on a closing basis.

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