Tesla stock is on the brink of its longest losing streak ever as shares threaten to falter for 8 consecutive days
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- Tesla stock has endured seven consecutive losing sessions, and an eighth would mark its longest losing streak ever.
- After rallying early Wednesday, shares of Elon Musk's EV company gave up gains.
- Tesla has tumbled roughly 40% in December alone, and almost 70% year to date.
Tesla stock has seen seven consecutive down sessions, and if shares close lower Wednesday it would mark the eighth straight drop and the longest slump on record.
Shares rallied about 3% early in the session, then gave up gains to trade briefly in negative territory. As of 11:30 a.m. ET, Tesla was up 0.5% at $109.67. In December alone, losses are at nearly 40%, with the year-to-date decline tracking at almost 70%.
On Tuesday, the stock tumbled 11% after Reuters reported that Tesla's Shanghai factory will extend its production slowdown through the end of January.
CEO Elon Musk has drawn criticism amid his Twitter acquisition, with market analysts saying that the social media platform is pulling his focus away from his electric vehicle company.
On Friday, Wedbush's Dan Ives slashed his price target on Tesla to $175 from $250 and said "Musk is viewed as 'asleep at the wheel' from a leadership perspective for Tesla at the time investors need a CEO to navigate this Category 5 storm."
As Tesla stock has plunged, Musk's net worth has shrunk by an astounding $140 billion, slashing his wealth to $130 billion as of Tuesday's market close, according to the Bloomberg Billionaires Index.
Meanwhile, Tesla has proven to be the most profitable short bet this year, with traders doubling down on bearish plays.
"Since Elon Musk announced his Twitter bid on April 14th, short sellers have hit overdrive with 8.18 million shares of additional short selling, worth $1.13 billion," S3 wrote in a note last week.