Shares of electric carmaker Tesla slumped in their debut on the S&P 500 on Monday, pulling back from record-high levels as worries over a fast-spreading new coronavirus strain in Britain weighed on markets. Tesla’s shares sank 5 per cent to $659.99 (€540.20) the first 30 minutes into the session. The shares had surged some 70 per cent since mid-November, when Tesla’s debut in the S&P 500 was announced. The shares had jumped 6 per cent on Friday in a day of frantic trading ahead of their S&P 500 entry. About a fifth of Tesla’s shares are closely held by Mr Musk, the chief executive, and other insiders.

Source: The Irish Times December 21, 2020 16:01 UTC