Elon Musk
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Tesla shares jumped ahead of the close on Wednesday, finishing the session 10.92% higher as the auto maker regained some ground after Tuesday’s 21% loss, which was the stock’s worst day on record.
Shares of Tesla spent the entire session in the green, steadily moving higher during afternoon trading before closing at $366.28, just below the day’s high of $369. Momentum initially continued after the close before the stock reversed course. Around 5 p.m. ET shares were roughly 1.4% lower.
Still, Wednesday’s jump doesn’t offset the steep losses the stock has suffered, and shares are down more than 26% this month. A number of factors have led to the decline, including the company issuing $5 billion in stock earlier this month, as well as Tesla’s largest outside shareholder trimming its position.
Tuesday’s sell-off was sparked by S&P Dow Jones Indices opting not to add Tesla to the S&P 500, despite widespread speculation that Elon Musk’s company would be placed in the large-cap index.
Tesla’s jump came amid a broader rebound in the technology sector. The Nasdaq Composite gained 2.71% on Wednesday for its best day since April 29. Microsoft rallied 4.26%, while Apple and Amazon advanced 3.99% and 3.77%, respectively.
For the year, Tesla shares are up 337%.
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