12/2/2020, 4:02 PM (Source: TeleTrader)
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Chart for: Tesla

Tesla drops over 5% after open

Shares of Tesla Inc. dropped over 5% on Wednesday after the company’s CEO Elon Musk warned that Tesla has to learn how to control its costs and focus on profit. Otherwise, he reportedly said, the stock will "get crushed like a soufflé under a sledgehammer!"

He also added that he would be open to the conversation regarding a possible merger of his company with a rival.

The carmaker's stock traded 5.17% below the flatline for $557.72 at 9:56 am ET.

Breaking the News / TF