Tesla stock pairs losses after falling into bear market territory


Tesla (TSLA) shares slid on Monday but recovered much of their losses after Reuters reported a Securities and Exchange Commission (SEC) probe into the electric vehicle giant based on a whistle-blower complaint of solar panel defects. 

The stock came off its lows of the session by 1:50 p.m. ET, recovering much of its losses. Tesla shares were on track to close in bear market territory, which is when a stock has declined 20% or more from its recent high.  

On Monday morning, Tesla shares were trading at around $976 as of 11:30 AM ET. The company’s market cap fell to about $982.3 billion.

Tesla shares hit an all-time high of $1,229.91 on November 4th. The company hit $1 trillion in valuation for the first time ever on October 25th.

This content is not available due to your privacy preferences.

Update your settings here to see it.

A letter from the SEC obtained by Reuters probes claims that Tesla failed to disclose fire risks associated with solar panel system defects over several years.

Tesla shares have been on a decline since November after CEO Elon Musk began selling shares of the electric vehicle maker, a move he telegraphed back in September.

The company’s market cap briefly fell below $1 trillion on November 15th during intra-day trading, amid Musk’s sale of stock which was spaced out over days. 

Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre

Read the latest financial and business news from Yahoo Finance

Read the latest cryptocurrency and bitcoin news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Dennis Gartman Says ‘Bear Market Is Required’ as Stocks Over-Valued

Previous article

DocuSign Stock Is Rising. Cathie Wood’s ARK Bought Friday’s Flop.

Next article

You may also like


Leave a reply

Your email address will not be published.

More in News