Tesla drops below $1 trillion market cap

Tesla’s (TSLA) market cap fell below $1 trillion as shares of the electric vehicle (EV) giant were under pressure on Monday. Tesla’s stock was trading down more than 4.5% during the morning session. The company’s market cap currently sits just above $990 billion. 

Over the weekend CEO Elon Musk said he could sell more stock, in what many saw as an off-color response to a tweet from Senator Bernie Sanders. 

The Vermont senator had tweeted, “We must demand that the extremely wealthy pay their fair share. Period.”

Musk replied, “I keep forgetting that you’re still alive.” He went on to write, “Want me to sell more stock, Bernie? Just say the word …”

Musk sold about $6.9 billion in shares last week, sending the stock price lower. Tesla shares are down more than 15% over the last five sessions. 

The company hit $1 trillion in valuation for the first time ever on October 25th. The stock reached an all-time high of $1,229.91 on November 4.

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