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Tesla shares in US fire sale

2013-11-09 12:49

Tom Krisher

BURNING ISSUE: Tesla's Model S as it appeared in Wheels24 earlier in 2013. Three have burned and now there's been a shares fire sale. Image: Tesla

  Video

Tesla Model S on fire

2013-10-03 14:57

Electric car company Tesla saw its shares drop by 6% on Wednesday after a video of a blazing Model S was posted on the Internet.

DETROIT, Michigan - Was it a fire sale? Investors in the Tesla electric car company stemmed the bleeding a bit on Friday but it was still an abysmal few days thanks to a third fire in a Model S and earnings results many found disappointing.

Tesla's shares dropped a total of $37 on Wednesday and Thursday and were down another $7 by noon Friday before recovering to finish with a loss of $1.82; 22-million shares traded Friday, almost double the average daily volume.

BILLION BUCKS GONE

In three days Tesla shareholders lost $4.7-billion, nearly 22% of their investment.

Billionaire South African CEO Elon Musk, who held about 28-million shares as of May 30, or nearly 25% of the stock, lost more than $1-billion as Tesla stock plunged from $176.81 at the close Tuesday to $137.95 on Friday.
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