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.

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.

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.

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.

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