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Tesla market value halves in a year, startled by the sale of shares Elon Musk

Elon Musk’s $3.95 billion sale of Tesla Inc. shares extends a difficult period for investors in the electric car maker, whose market value has halved in the past year.

Elon Musk’s $3.95 billion sale of Tesla Inc. shares extends a difficult period for investors in the electric car maker, whose market value has halved in the past year after being caught up in the twists and turns of Musk’s Twitter Inc. buy out.

While the Tesla chief has repeatedly said he’s done selling the stock, the latest sale brings the total proceeds to about $36 billion. Musk began winding down his holdings a year ago, when his Twitter followers backed him in slashing his bet in response to a poll. He still owns about 14%, according to Bloomberg data.

“Musk is selling stock again after saying he wouldn’t, but can only leave the door open to more futures,” said Mark Taylor, a sales trader at Mirabaud Securities.

Tesla has fallen for three straight months and November is proving even worse, with shares falling 16% so far and a 17-month low. The Relative Strength Index is back in oversold territory, and the stock has lost $600 billion in market capitalization since its peak last November.

In any case, it was stable in premarket trading in the US on Wednesday, up about 1%.

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