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Tesla stock stems bleeding after bad few days


November 08. 2013 6:36PM
Associated Press

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(AP) Investors in the Tesla electric car company stemmed the bleeding a bit Friday. But it was still an abysmal few days, marred by another fire in a Model S and earnings results that 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. Twenty-two million shares traded Friday, almost double the average daily volume.


In three days, Tesla shareholders lost $4.7 billion, or nearly 22 percent of their investment. Billionaire CEO Elon Musk, who held about 28 million shares as of May 30, or a nearly a quarter of the stock, lost more than $1 billion as Tesla stock plunged from $176.81 at the close Tuesday to $137.95 Friday.


Associated Press


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