Tesla Inc.’s (TSLA.O) shares continued to fall on Monday as investors reacted to CEO Elon Musk’s recent $6.9 billion share sales, as well as his most recent tweets.
Tesla’s stock fell over 2% to $1,013.39, bringing the company’s market valuation down by around $207 billion since Musk started selling shares last week.
The current market drop comes after a Sunday Twitter spat between Musk, the world’s richest man, and Senator Bernie Sanders, who urged that the wealthy pay their “fair share” of taxes.
During Monday’s session, Tesla traded as low as $978.60, pushing its stock market value below the $1 trillion mark on an intraday basis for the second time in four sessions. Tesla first hit the $1 trillion mark late last month.
Musk sold 6.36 million Tesla shares last week after floating the idea in a Twitter poll. He would need to offload about 10 million more to fulfill his pledge to sell 10% of his holdings in the electric-vehicle maker.
Fueled by thirst on Wall Street for electric vehicle makers, Tesla’s stock has surged more than 140% in the past 12 months. The recent selloff has the stock at its lowest level since late October.
Also on Monday, Rivian Automotive (RIVN.O) jumped nearly 15%, with Amazon. com-backed (AMZN.O) EV maker now up about 90% since its initial public offering last week.
Reflecting retail investors’ enthusiasm, Tesla and Rivian were the most-traded stocks on Fidelity’s online brokerage, with more than two buy orders for every sell order.
