Tesla shares slip after heavy week of losses

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Nov 15 (Businesshala) – Tesla Inc (TSLA.O) shares slipped in premarket trading on Monday, prompting CEO Elon Musk to close a combined $6.9 billion in shares in the electric-car maker.

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Shares of the company, which lost about $187 billion in market value over the past week, were down 2.7% at $1,005.42 in early New York trading.

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Musk got into a dispute with Bernie Sanders on Sunday after the US senator demanded the rich pay a “fair share” of taxes.

Meanwhile, “The Big Short” investor Michael Burry again took aim at Musk, Tweet, “@elonmusk borrowed 88.3 million shares, sold all his mansion, moved to Texas, and asking @BernieSanders if he should sell more stock. He doesn’t need the cash. He’s just selling $TSLA wants.”

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Tesla calls at the $900 strike price were among the top three heavily traded options contracts in January and February 2022, according to data from Refinitiv on Friday, suggesting that some traders were assuming more short-term weakness in the stock.

Musk sold 6.36 million Tesla shares last week and now needs to sell about 10 million more shares to fulfill his pledge to sell his 10% stake in the electric-vehicle maker.

Reporting by Shruti Shankar in Bengaluru and Saikat Chatterjee in London; Editing by Shaunak Dasgupta

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