Tesla fell as much as 1.6 % in premarket trade on Wednesday, capping a three-day drop in which the company lost more than $200 billion in value.
Investor confidence plummeted amid a flurry of unfavorable reports, and shares of the electric vehicle business have dropped over 17% since Thursday's closing, including their worst two days of selling since September 2020.
Elon Musk, the company's CEO, ignited this week's selloff by asking his Twitter followers if he should sell 10% of his interest in the company over the weekend.
As of 7:24 a.m. in New York, Tesla was down 1.5 % at $1,009. Futures contracts for the S&P 500 Index and the Nasdaq 100 Index were down 0.3 % and 0.5 %, respectively, according to WTI.
As of 7:24 a.m. in New York, esla was down 1.5 % at $1,009. As investors anticipate significant inflation data, futures contracts on the S&P 500 Index and the Nasdaq 100 Index fell 0.3 % and 0.5 %, respectively, on Wednesday.
Tesla became one of only five publicly traded U.S. corporations with a capitalization north of $1 trillion just over two weeks ago, and its value has since plummeted. Despite the current pressure, the stock has returned approximately 143 % in the last year, making it one of the best-performing members of the S&P 500 Index during that time.