Why Tesla Shares Swung Wildly Friday
Tesla (NASDAQ: TSLA) shares have dropped, jumped, and then dropped again today. And that makes some sense considering the news of the day. After sinking as much as 3.5%, the stock rose as high as 2.6% Friday morning. As of 12:42 p.m. ET, Tesla shares were back trading lower by 0.7%.
The wild fluctuation is understandable, given the stock has seen extended downward momentum recently. Tesla shares have dropped nearly 60% in just the last 90 days.
After today's sharp decline, it seemed to be positive news for the stock as Tesla CEO Elon Musk said he will not sell any more shares until at least 2024, maybe later. That comes after he sold about $24 billion in stock just in 2022 and nearly $40 billion over the last 12 months (related to his purchase of Twitter).
Source Fool.com
