Tesla Inc shares fell for a third straight day on Thursday, as investors who have been betting on the electric-car maker's growth prospects cashed in on the meteoric rally in the stock price this year.
- Tesla Inc shares fell for a third straight day on Thursday, as investors who have been betting on the electric-car maker’s growth prospects cashed in on the meteoric rally in the stock price this year.
They expect it to be short-lived. “It’s just a poster child for the growth trade and there’s a bit of general rotation,” a London-based trader told Reuters. “I know Baillie Gifford were a kind of forced seller to stay within the mandates, but evidence of core investor profit-taking as the company start a sell off of $5 billion stock,” the trader said.
The index rebalances every quarter, but a stock can be added to the index at any point once a company becomes eligible for consideration.
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