Tesla shares slump 7% on Musk plan to sell 10% stake

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Tesla TSLA, -0.64% shares slumped 7% in early premarket action after CEO Elon Musk indicated he would sell a 10% stake in the luxury automaker. Musk said the stake sale was conditional on the result of a poll on Twitter, where 58% voted for him to sell. Musk didn’t specify a timeframe for making the stock sale. Tesla shares have climbed 73% this year, and tripled from Nov. 10, 2020. It’s the fifth-largest weight in the S&P 500 SPX, +0.37%.

This article was originally published by Marketwatch.com. Read the original article here.

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