Shares of Tesla Inc. dropped 6.1% in premarket trading Thursday, which puts them on track to open in bear-market territory. The stock, which has tumbled 13.6% over the past three sessions, as the global coronavirus outbreak has stoked fears of an economic slowdown and triggered a stock market selloff. Since the stock closed at a record $917.42 on Feb. 19, the stock has lost 15.1% through Wednesday. If the stock closes at or below $733.93, it will have lost 20% from the record high, which many on Wall Street believe would officially put the stock in a bear market. The stock is headed for an open below that level. Despite the recent weakness, the stock has still more than doubled (up 135%) over the past three months through Wednesday, while the S&P 500 has slipped 1.2%.
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