Tesla is approaching the bear market share after a long collapse | Automotive Business News

The stock recovered slightly to close 1.9 percent at $ 1,013.39, indicating a nearly 18 percent decline from November 4 high.

Shares of Tesla Inc. is approaching the bear market after the descent last week when Chief Executive Officer Elon Musk sold a small quantity of his electric car parts, and also said he could sell more.

Shares fell 5.5% on Monday in New York, returning more than 20% from a $ 1,229.91 record high for Nov. 4. The stock returned slightly to close 1.9% at $ 1,013.39, recording about 18%. coming down from above. The store enters the bear market after a 20% drop in closing.

The decline was sparked by a Twitter survey from Musk asking his followers if they should sell some of their shares in the company, followed by reports that they were lowering their assets by about $ 7 billion.

Shares may have encountered some difficulties from Amazon.com Inc.’s blockbuster business. had Tesla play the role of EV. Shares in Rivian rose 15% on Monday, bringing their total profits from their IPO to 91%.