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Shares of the electric-vehicle company have plunged nearly 17% since Thursday’s close, including their worst two days of selling since September 2020 as investor sentiment soured amid a wave of negative headlines.
Chief Executive Officer Elon Musk sparked this week’s selloff after asking his Twitter followers over the weekend if he should sell 10% of his stake in the firm.
Tesla was trading down 1.5% at $1,009 as of 7:24 a.m. in New York. Futures contracts on the S&P 500 Index and Nasdaq 100 were 0.3% and 0.5% lower, respectively, Wednesday as investors await key inflation data.
The rapid drop in value comes just over two weeks after Tesla became one of only five publicly traded U.S. companies to have a valuation north of $1 trillion. Still, despite the recent pressure, the stock has returned about 143% over the last year, making it one of the S&P 500 Index’s best performing members during that span.
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