NEW YORK, Nov 15 — Tesla Inc’s shares slipped in early trading today, adding to a week of heavy losses after Chief Executive Officer Elon Musk offloaded a combined US$6.9 billion worth of shares in the world’s most valuable car maker.
If its shares drop below US$995.75, then Tesla’s market value would slip below US$1 trillion, a milestone it breached late last month after securing its biggest-ever order from car rental firm Hertz. “Tesla shares have been sinking post the sale based on a Twitter poll last week. And Musk’s Sunday tweet deriding a senior politician may add pressure on the stock in the coming weeks,” said Kunal Sawhney, CEO of equity research firm Kalkine Group.
Musk sold 6.36 million Tesla shares last week and now needs to offload about 10 million more to fulfill his pledge to sell 10 per cent of his holdings in the electric-vehicle maker.a Twitter user not to “read too much into” PepsiCo CEO Ramon Laguarta’s comments about expecting its first delivery of Tesla Semi trucks in the fourth quarter.