Tesla stock falls nearly 3%, heads toward 4th straight loss

Shares Tesla Inc.
TSLA,
-3.04%
slumped 2.8% toward a five-week low in premarket trading Thursday, putting them on track for a fourth straight loss, amid Wall Street concerns over Chief Executive Elon Musk’s leadership as he faces criticism related to his ownership of Twitter. The electric vehicle giant’s stock, which is on track to open at the lowest price seen since Feb. 1, has dropped 8.0% over the past three days, and tumbled 12.3% the past seven sessions in which it has declined six times. The stock has lost 15.05% since closing at its latest bull-market peak of $214.24 on Feb. 15, and while a close at or below $171.39 would mark a selloff of at least 20% from that peak. Many on Wall Street define a bear market as a decline of at least 20% from a bull-market peak. Shares of other EV makers were also falling ahead of Thursday’s open, with Rivan Automotive Inc.’s
RIVN,
+3.35%
down 1.6%, Lucid Group Inc.’s
LCID,
+0.36%
shedding 1.1% and Nio Inc.’s
NIO,
+2.34%
falling 2.2%. Tesla’s stock has run up 47.8% year to date through Wednesday, while the S&P 500
SPX,
+0.14%
has gained 4.0%.