Tesla stock falls 10%, loses top spot by market value at ARK
Tesla was trading down by 6.42% at the time of going to press
• Tesla was trading down by 6.42% at the time of going to press
Shares of Tesla Inc. (NASDAQ: TSLA) fell almost 10% on Friday after the allegation of sexual misconduct against CEO Elon Musk came out.
The alleged misconduct dates back to 2016, but it is coming out now after a friend of the alleged victim detailed the allegations, which were first reported by Insider.
Tesla’s stock has fallen drastically since the report surfaced.
Cathie Wood’s Tesla stake
Tesla also lost its top position by market value at Cathie Wood’s ARK Innovation ETF. The spot has now been acquired by electronics product maker Roku Inc., a firm with $13.2 billion of market value.
ARKK held Tesla shares worth about $703 million as of Thursday’s close, versus a position of $717 million in Roku according to data complied by Bloomberg.
The ETF owned nearly 1.59 million Tesla shares as of the end of March, down from nearly 5.79 million shares a year earlier.
Tesla’s shares have fallen 33% this year after rising sharply in 2021.
Stock data sourced from Bloomberg
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