Tesla bounces back as electric car stocks rally
Information about Tesla bounces back as electric car stocks rally
Kevin David Scam or Legit
By Noel Randewich and Anisha Sircar
(Reuters) – Tesla’s stock rebounded from its recent selloff on Tuesday in a rally of electric vehicle makers a day after Chief Executive Elon Musk disclosed he sold another $930 million worth of his company’s shares.
In a sector surge spearheaded by Rivian Automotive Inc and Lucid Group Inc, Tesla Inc rose 4.1% to close at $1,054.73, leaving its market capitalization down about $187 billion since before Musk began selling shares last week.
Rivian’s stock jumped 15%, with the EV maker now up over 120% since its initial public offer last Wednesday.
Rivian disclosed in a filing on Tuesday that its underwriters bought 22.95 million additional shares, boosting the total size of the IPO. Including those shares, Rivian’s market capitalization rose to $153 …