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Tesla Shares Fell Nearly 13% This Week

Tesla Shares Fell Nearly 13% This Week

On November 11, the share price of Tesla, a major electric car maker, fell slightly. Previously public documents showed that Tesla CEO (Elon Musk) responded to the opinions of netizens and sold Tesla worth up to $5 billion this week. Holding shares triggered a drop in stock prices. According to quotations, Tesla (TSLA.US) shares fell 0.42% on November 11 to close at US$1,063.51. This week’s cumulative tumbled 12.98%, evaporating the company’s market value by US$157 billion, surpassing Ford (F.US) and The total market capitalization of General Motors (GM.US). CNBC, Reuters, and other foreign media reported that according to documents released by the US Securities and Exchange Commission (SEC) on the 10th, Musk exercised the stock option on the 8th to subscribe for 2.15 million Tesla shares at 6.24 yuan per share, and then resell them. Among them, 934,091 shares, calculated at an average transaction price of US$1,180 per share, cashed out more than US$1.1 billion. Musk subsequently sold 3.6 million Tesla shares on the 9th and 10th, with an average transaction price of approximately US$1,082 per share, totaling US$3.9 billion in bags.

Source: Bloomberg
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