Tesla market cap falls to $972.5bn
Having been well over $1,200 in November, the Tesla share price, down 3.25% on Friday, now stands at $985.
In market cap terms, it is now well below $1trn, having fallen by more than 15% over the past month.
*TESLA MARKET VALUE FALLS TO $972.5 BILLION pic.twitter.com/c2AdjiWSwh— zerohedge (@zerohedge) December 6, 2021
One of the causes of the recent dip may have been the fact that the US SEC is opening an investigation into the company over possible defects with solar panels.
The SEC is going ahead with an investigation after Steven Henkes, a former Tesla employee, filed a complaint in 2019.
SEC is going ham right now.— Morning Brew ☕ (@MorningBrew) December 6, 2021
Currently investigating Lucid, Tesla, and Trump's SPAC pic.twitter.com/Lv9t85rbNk
Furthermore, CEO Elon Musk has sold a significant portion of his stake since conducting a Twitter poll in early November asking users if he should sell 10% of his shares.
Musk has since sold 10.1m shares for a total value of $10.9b.
Perhaps he had the SEC’s potential investigation in mind when making the decision to ask Twitter what he should do.
Musk to sell $10bn in Tesla stock as Twitter poll is settled— Russian Market (@russian_market) November 7, 2021
Assuming he is a man of his word, @ElonMusk is set to sell $10bn worth of shares in Tesla, following the conclusion of a poll he put to Twitter on Saturday. https://t.co/WWUQwCimFf https://t.co/FPkq0NgWUm
Finally, with the Omicron variant coming into the equation and causing fear among investors, now could be an opportune time for those seeking to buy-the-dip.