Tesla Stock Plummets 12% On Musk Stock Sale Plan

by Sloan T. Wilson, The Chicago Times

November 9, 2021

NEW YORK — Tesla stock plummeted 12% on Tuesday after CEO Elon Musk proposed selling 10% of his stake in the electric vehicle company over the weekend.

The decline is on track to be the largest of the year following a 47% increase in 2021.  Current and former board members, including chairwoman Robyn Denholm, Kimbal Musk, Ira Ehrenpreis, and Antonio Gracias, have also sold hundreds of millions of dollars in Tesla stock since Oct. 28, when the company’s market capitalization reached $1 trillion.