Why XL Fleet Stock Tanked Today

Shares of XL Fleet (NYSE: XL) fell as much as 12% today despite a new disclosure that a billionaire has accumulated a 9.6% stake in the freshly public company. As of 2:45 p.m. EST, the stock was down 9%.

XL Fleet went public last week after closing its merger with Pivotal Investment, a special-purpose acquisition company (SPAC). The company provides various electrification solutions to commercial and municipal customers, and electric vehicle (EV) stocks more broadly have been soaring throughout the year while also experiencing extreme volatility.

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Source Fool.com