INSUBCONTINENT EXCLUSIVE:
During Monday's session, Tesla's market value slipped below the $1 trillion mark.New Delhi: Tesla Inc's stock extended its recent selloff on
Monday as investors reacted to CEO Elon Musk's recent share sales of a combined $6.9 billion, as well as to his most recent tweets.Tesla's
stock ended nearly 2% lower at $1,013.39, leaving the company's market capitalization down about $207 billion since before Musk began
selling shares last week.The latest stock decline follows a Sunday dispute on Twitter between Musk, the world's richest person, and Bernie
senator demanded that the wealthy pay their "fair share" of taxes.During Monday's session, Tesla traded as low as $978.60, pushing its stock
market value below the $1 trillion mark on an intraday basis for the second time in four sessions
Tesla first hit the $1 trillion mark late last month."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."By offloading shares worth billions of dollars, Elon Musk is likely to accrue a tax bill of around $15
billion."Musk sold 6.36 million Tesla shares last week after floating the idea in a Twitter poll
He would need to offload about 10 million more to fulfill his pledge to sell 10% of his holdings in the electric-vehicle maker.Fueled by
thirst on Wall Street for electric vehicle makers, Tesla's stock has surged more than 140% in the past 12 months
The recent selloff has the stock at its lowest level since late October.Also on Monday, Rivian Automotive jumped nearly 15%, with the
Amazon.com-backed EV maker now up about 90% since its initial public offering last week.Reflecting retail investors' enthusiasm, Tesla and
Rivian were the most-traded stocks on Fidelity's online brokerage, with more than two buy orders for every sell order.Chip Supply
ConstraintsMusk on Saturday asked 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."As mentioned publicly, Tesla is constrained by chip supply short-term - cell supply
"Not possible to produce additional vehicles in volume until both constraints are addressed."Tesla has weathered the pandemic and the global
supply-chain crisis better than rivals, posting record revenue for the fifth consecutive quarter.Meanwhile, investor Michael Burry of "The
Big Short" fame took aim at Musk again, tweeting, "@elonmusk borrowed against 88.3 million shares, sold all his mansions, moved to Texas,
and is asking @BernieSanders whether he should sell more stock
He just wants to sell $TSLA."(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
