Tesla’s stock price has fallen by 15.4% this week, and the company’s CEO Musk has sold a large number of company shares he holds. This marked the worst weekly performance of Tesla’s stock price in 20 months. Excluding the decline that occurred in February and March 2020 due to the US epidemic disrupting the market, this is also the worst week in the history of the stock.
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As of Friday’s close, Tesla shares fell 2.83% to $1033.42, with a market value of $1.03 trillion.
According to financial documents released on Friday morning, Musk still holds more than 167 million Tesla shares and sold approximately $5.7 billion worth of shares this week.
Part of the reason Musk sold the stock was to fulfill the tax obligations associated with the exercise of stock options. Before his sale plan was made public, he launched a survey on social media, asking fans whether he should sell 10% of his huge company stake. And this week’s US Securities and Exchange Commission (SEC) documents show that Musk’s decision to sell these stocks was actually made before the launch of the “polls.”
After Tesla’s share price hit a historical record of $1229.91 on November 4, it is still up about 46% so far this year. In contrast, Ford’s stock price has risen about 120% so far this year, General Motors has risen about 51%, and Volkswagen has risen about 66%.
Tesla’s stock price plummeted after Musk’s sell-off, which coincided with the record-breaking IPO of Rivian, a rising star in electric car stocks known as the “Tesla killer.”
Rivian shares closed up 5.6% on Friday. Since Wednesday’s IPO, the stock has risen about 66.6%.
Rivian raised about $12 billion in its IPO on Wednesday, making it the world‘s largest IPO so far this year. Rivian is now the second largest automaker in the United States after Tesla, although it expects sales in the third quarter to be less than $1 million.
Rivian stated in its financial documents that its R1S SUV and R1T pickup trucks are booked at 55,400, and there is also a contract to manufacture 100,000 electric trucks for Amazon by 2030.
Musk commented on Rivian’s IPO on social media, saying, “I hope they (Rivian) can achieve high production and breakeven. This is the real test. Among hundreds of automotive startups including electric vehicles and internal combustion engine vehicles, Tesla is the only U.S. automaker to achieve high-volume production and positive cash flow in the past 100 years.”
The “big bear” Michael Burry once again choked on Musk on the above comments, saying that Musk’s comments on the electric car company Rivian were incorrect. He commented sarcastically, “No, Musk, the real test is that this goal can be achieved without large-scale government support and electric vehicle subsidies.”
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