Tesla’s stock falls, on course for longest losing streak since March

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Shares of Tesla Inc. dropped 4.6% in premarket trading Friday, putting them on track for a fourth-straight loss. The stock hasn’t declined for more than 3-straight days since a 5-day losing streak ended on March 18. After closing at a record $498.32 on Monday as the 5-for-1 stock split took effect, the stock has tumbled over the previous three sessions as Tesla disclosed a stock offering and a large shareholder reduced its stake. The stock is currently on track to open 22.1% below Monday’s record closing price. Many on Wall Street say a decline of 20% or more on a closing basis defines a bear market; a close on Friday at or below $398.65 would mark a decline of at least 20%. As of Thursday’s close of $407.00, the stock has still more than doubled (up 135.4%) over the past three months, while the S&P 500 has gained 11.0%.
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