Canada markets open in 6 hours 20 minutes
  • S&P/TSX

    15,586.57
    -434.37 (-2.71%)
     
  • S&P 500

    3,271.03
    -119.65 (-3.53%)
     
  • DOW

    26,519.95
    -943.24 (-3.43%)
     
  • CAD/USD

    0.7524
    +0.0015 (+0.21%)
     
  • CRUDE OIL

    37.53
    +0.14 (+0.37%)
     
  • BTC-CAD

    17,609.91
    -17.05 (-0.10%)
     
  • CMC Crypto 200

    262.29
    -10.40 (-3.81%)
     
  • GOLD FUTURES

    1,882.40
    +3.20 (+0.17%)
     
  • RUSSELL 2000

    1,543.28
    -47.21 (-2.97%)
     
  • 10-Yr Bond

    0.7810
    0.0000 (0.00%)
     
  • NASDAQ futures

    11,271.75
    +139.00 (+1.25%)
     
  • VOLATILITY

    40.28
    +6.93 (+20.78%)
     
  • FTSE

    5,582.80
    -146.19 (-2.55%)
     
  • NIKKEI 225

    23,331.94
    -86.57 (-0.37%)
     
  • CAD/EUR

    0.6402
    +0.0013 (+0.20%)
     

Tesla tumbles 15% as blistering rally cools

·1 min read
The Tesla logo is seen on a car in Los Angeles
The Tesla logo is seen on a car in Los Angeles

(Reuters) - Tesla Inc shares fell as much as 15% on Wednesday, extending previous session's losses after the electric-car maker announced a $5 billion stock offering that was aimed at cashing in on Wall Street's heightened interest.

After a nearly six-fold increase in share value this year, Tesla decided on a 5-for-1 stock split, which came into effect on Monday.

"After a strong positive reaction to a split you recently had a share offering, and a large holder selling. People are taking some profits after a monster run," Elazar Advisors analyst Chaim Siegel said. "Tesla is allowed to have a down day.

One of the top shareholders of the automaker, fund management firm Baillie Gifford & Co, cut its passive stake to 4.25% compared to 7.67% as of Dec. 31, according to a regulatory filing. (https://bit.ly/3lHcI5T)

Tesla shares were last down 6.8% at $442.8 in afternoon trading.

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)