Tesla’s share price fell sharply to close at $1,009.01 in the previous session, a 17.6 percent drop from the $1,229.91 record high it reached on Nov. 4, Bloomberg reported.
The share value of the US electric vehicle giant has fluctuated since last month when CEO Elon Musk offloaded billions of dollars worth of stock affecting investor sentiment, and hit a downward trend since the beginning of December with fears around the omicron variant hitting stock markets globally.
Its market value dropped below $1 trillion.
The fall aroused the suspicion of the Securities and Exchange Commission after it received claims on solar panel defects which led them to open a trade investigation into the company, Reuters reported citing a letter from the agency.
Separately, the New York Times reported that Tesla insiders doubted the safety of the company’s autopilot system, which is subject to an investigation by the National Highway Traffic Safety Administration in the US.
“The solar business has been a disaster for the Tesla story and the Street continues to be frustrated by this business segment,” Wedbush Managing Director and analyst, Daniel Ives said.