Tesla Shares Fall 15% After Investors Dump Holdings
Tesla Motors share price feel by roughly 15 percent Monday as company insiders rushed to dump their shares after the expiration of a 180 day limit on selling their stock holdings.
The shares being sold were previously not available on the open market, and were reportedly offered to investors and other insiders as a form of compensation. Tesla’s stock rose more than 40 percent since its debut towards the end of June, and the company received $465 million in loans from the Department of Energy to help develop its Model S sedan.
As of 11:30 AM Tuesday, Tesla’s share price was steady at $26, up from Monday’s close of $25.55
[Source: Automotive News]