Tesla stock stems bleeding after bad few days

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Associated Press

Posted on November 9, 2013 at 1:00 AM

Updated Saturday, Nov 9 at 1:03 AM

DETROIT (AP) — Investors in the Tesla electric car company stemmed the bleeding a bit Friday. But it was still an abysmal few days, marred by another fire in a Model S and earnings results that many found disappointing.

Tesla's shares dropped a total of $37 on Wednesday and Thursday and were down another $7 by noon Friday before recovering to finish with a loss of $1.82. Twenty-two million shares traded Friday, almost double the average daily volume.

In three days, Tesla shareholders lost $4.7 billion, or nearly 22 percent of their investment. Billionaire CEO Elon Musk, who held about 28 million shares as of May 30, or a nearly a quarter of the stock, lost more than $1 billion as Tesla stock plunged from $176.81 at the close Tuesday to $137.95 Friday.

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