Tesla selloff deepens after insider report on Michael Burry’s tweet

Telsa Inc. fell nearly 12% on Tuesday, in its worst two-day performance since March, after Insider reported Michael Burry of “The Big Short” fame said in a tweet that Elon Musk may want to sell some shares to cover his personal debts.

The stock’s decline added to Monday’s 4.8% slide after a majority of voters in a Twitter poll set up by Musk said he should sell 10% of his stake in the electric-vehicle company. Burry didn’t immediately respond to a message from Bloomberg News to confirm the reports on the tweet, which currently doesn’t appear on his Twitter feed.

Separately, Musk’s brother Kimbal disclosed in a filing that he sold 88,500 Tesla shares on Nov. 5.

Tesla is still up 54% this year even with the recent decline, and has held above $1 trillion in market value, a key level it hit in late October.

Matthew Maley, chief market strategist at Miller Tabak + Co., said the selloff in the Tesla’s share was part of a normal and healthy pull-back. He called it a “reaction to a very overbought condition.”

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
our App Now!!

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: