Tesla Inc. shares ended at their lowest in nearly two years on Wednesday, following news that Chief Executive Elon Musk sold about $3.95 billion worth of shares a week after closing his deal for Twitter Inc.
finished at its lowest since Nov. 23, 2020, when it closed at $173.95. The stock on Monday closed under $200 for the first time since June 2021.
Wednesday’s losses were the largest one-day percentage decline for Tesla stock in nearly four weeks. The close in the red extended the stock’s losing streak to a fourth session; the stock is down nearly 18% in the period.
According to U.S. Securities and Exchange Commission filings late Tuesday, Musk sold his Tesla shares over the past three trading sessions, launching the sale a week after closing his $44 billion Twitter acquisition. Prices ranged from $189.58 to $219.90 a share.
Tesla in October reported mixed third-quarter results and toned down sales expectations for the year.
The stock is down nearly 50% so far this year, compared with a decline of around 20% for the S&P 500 index.
For the month, Tesla shares are down nearly 20%, also underperforming the S&P, which has retreated 2.7%.