Tesla just had its worst week in 20 months after Elon Musk sold $5.7 billion worth of shares
Shares of Tesla declined 15.4% for the week after CEO Elon Musk commenced with his plans to sell a huge block of his holdings this week.
It marks Tesla’s worst one-week performance in 20 months. It’s also the stock’s worst week ever excluding declines that occurred in February and March 2020 — as the coronavirus pandemic emerged in the U.S., roiling markets.
Tesla closed down 2.8% on Friday.
Musk — who still owns more than 167 million shares of Tesla, according to financial filings out Friday morning — sold stock worth around $5.7 billion this week.