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.
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