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Tesla shares slid more than 7% on Thursday, building on the stock’s recent losses after the company’s largest outside shareholder reduced its position, and after the auto maker said it would raise up to $5 billion in a new stock offering.
With Thursday’s decline, the stock is more than 17% below Monday’s close, a day when the stock surged following its stock split.
Tesla shares rose to a new intraday all-time high of $502.49 on Tuesday. The stock then ended Tuesday’s session 4.67% lower as Tesla announced that it would raise up to $5 billion through stock offerings “from time to time” and “at-the-market” prices.
Then on Wednesday, Baillie Gifford,