Tesla shares slump, hit lowest levels since November 2020

Tesla (TSLA) shares are slipping lower today, hitting lows not seen since November 2020 as continued weakness takes its toll on Tesla bulls.

Tesla is down almost 3% in midday trade, dipping below $177 shortly after the opening bell. For the week, share are down over 9% — and a steep 50% year to date.

Weakness in Tesla shares follows news this week that Elon Musk has identified someone as a potential successor for his role as CEO at Tesla. The revelation emerged during a trial over Musk’s $55 billion pay package awarded to him in 2018.

Last week more disclosures by Musk of additional Tesla share sales rattled investors, as Musk continued to raise funds for his purchase of Twitter, which is now seen by analysts at a best a distraction for Musk, and at worst a larger financial mistake.

News of Musk’s Tesla stock sale last week, now bringing his total shares sold since announcing the deal to buy Twitter to nearly $19 billion, had Wedbush analyst Dan Ives throw in the towel on the…

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This article was written by and originally published on finance.yahoo.com