Tesla’s stock falls, in danger of first decline since before Christmas Day

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Shares of Tesla Inc. fell 2.1% in premarket trading Monday, which puts them in danger of suffering their first decline in 12 sessions. The stock had rocketed 37.4% amid a record 11-day win streak to close Friday at a record $880.02. Since the stock last declined on Dec. 22, the electric vehicle maker’s market capitalization swelled by more than $227 billion to $834.2 million, enough to make Tesla the fifth most valuable U.S. company and Chief Executive Elon Musk the world’s richest person. Wedbush analyst Dan Ives said in a note to clients that he believes China could see “eye popping demand” into 2021 and 2022, with Tesla’s flagship Giga 3 footprint a “major competitive advantage.” Tesla’s stock has more than doubled (up 102.8%) over the past three months through Friday, while the S&P 500 has gained 10.0%.
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