SAN FRANCISCO, Nov 16 — Tesla Inc’s stock extended its recent selloff on Monday, pushing the electric-car maker’s market value below US$1 trillion as investors reacted to CEO Elon Musk’s recent share sales of a combined US$6.9 billion.
At the current stock price, it would be the first time Tesla’s market value has ended a session below US$1 trillion since it first breached that level late last month. Musk sold 6.36 million Tesla shares last week after floating the idea in a Twitter poll. He would need to offload about 10 million more to fulfill his pledge to sell 10 per cet of his holdings in the electric-vehicle maker.