Like a tidal sea.
Tesla shares rebounded after its selling session on Tuesday, a day after the company’s CEO Elon Musk sold its $ 930 million stake.
The increase also saw other electric car (EV) manufacturing stocks such as Rivian Automotive and Lucid Group record gains.
Shares of Tesla posted a 4.1% gain at $ 1,054.73, and at the same time its market capitalization is down around $ 187 billion since Musk began selling its shares last week.
Meanwhile, Rivian shares jumped 15% where the company has posted a 120% gain since its initial public offering (IPO) last Wednesday, seeing its market capitalization increase by $ 147 billion and overtake Volkswagen AG which only owns $ 8.
Meanwhile, Lucid Group also increased by almost 24% after the company said orders for its cars increased by 13,000 units in the third quarter and expects to produce 20,000 Lucid Air sedans by 2022. Lucid’s stock gains further increased its stock market value to $ 90 billion to outperform Ford Motor.
Earlier, Musk had sold 943,091 units of shares after exercising an option to buy 2.1 million shares at $ 6.24 each on Monday. Over the past few weeks Musk has sold nearly 7.3 million shares of Tesla for $ 7.8 billion in fulfillment of a promise made in a poll on his personal Twitter.
The Wall Street market saw high demand for EVs has made Tesla shares soar over 150% in the past 12 months.