9/3, 11:56 AM (Source: TeleTrader)
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Chart for: Tesla

Tesla down over 7% in premarket trade

Shares of Tesla Inc. fell by more than 7% ahead of the opening bell on Thursday, continuing a slump from Wednesday. The automaker's largest outside shareholder Baillie Gifford cut its stake in the company, citing a recent "substantial increase" in Tesla's stock price.

In addition, Tesla entered an equity distribution agreement with major investment banks, which will offer $5 billion worth of shares.

Tesla dropped 7.53% to $447,37 per share at 5:53 ET.

Breaking the News / DJ