The dip in Tesla’s market value follows a row between Elon Musk and US senator Bernie Sanders.
Elon Musk’s recent stock sale of $6.9 billion on the back of a Twitter poll has earned a reaction from investors after his company Tesla’s market value tumbled below $1 trillion twice in four sessions on Monday, November 15.
The EV giant has lost around $187 billion in market value in the last week. It’s shares were around 4.5% down on Monday morning at $986.
The company lost its $1 trillion market value when the shares sunk below $995.75. Tesla had breached the trillion-dollar mark late October after news of car rental giant Hertz having placed a mega order for its electric cars.
The dip in Tesla’s market value follows a row between Musk and US senator Bernie Sanders. The senior politician had demanded that wealthy individuals should pay their “fair share” of taxes.
Kunal Sawhney, CEO of equity research firm Kalkine Group told Reuters, “Tesla shares have been sinking post the sale based on a Twitter poll last week.And Musk`s Sunday tweet deriding a senior politician may add pressure on the stock in the coming weeks. By offloading shares worth billions of dollars, Elon Musk is likely to accrue a tax bill of around $15 billion."
Musk on Saturday asked a Twitter user not to "read too much into" PepsiCo CEO Ramon Laguarta`s comments about expecting its first delivery of Tesla Semi trucks in the fourth quarter.
"As mentioned publicly, Tesla is constrained by chip supply short-term & cell supply long-term," Musk tweeted. "Not possible to produce additional vehicles in volume until both constraints are addressed."
Tesla has weathered the pandemic and the global supply-chain crisis better than rivals, posting record revenue for the fifth consecutive quarter.
Meanwhile, investor Michael Burry of "The Big Short" fame took aim at Musk again, tweeting, "@elonmusk borrowed against 88.3 million shares, sold all his mansions, moved to Texas, and is asking @BernieSanders whether he should sell more stock. He doesn`t need cash. He just wants to sell $TSLA."
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 "Tesla's market value drops below $1 trillion after Elon Musk's recent tweets")
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