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Tesla stock had its worst week in 20 months after Musk sold shares

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SpaceX owner and Tesla CEO Elon Musk gestures during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019.

Mike Blake | Reuters

Shares of Tesla declined 15.4% for the week after CEO Elon Musk commenced with his plans to sell a huge block of his holdings this week.

It marks Tesla’s worst one-week performance in 20 months. It’s also the stock’s worst week ever excluding declines that occurred in February and March 2020 — as the coronavirus pandemic emerged in the U.S., roiling markets.

Tesla closed down 2.8% on Friday.

Musk — who still owns more than 167 million shares of Tesla, according to financial filings out Friday morning — sold stock worth around $5.7 billion…



Source cnbc.com

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