Shares of Tesla climbed for a second day on Wednesday after Chief Executive Elon Musk sold more of his shares, while other high-flying electric vehicle makers hit the brakes on a euphoric rally.
Musk has sold a combined 8.2 million shares since Nov. 8, making up about half the 10% of his Tesla shares he pledged to sell earlier this month. Gross proceeds of his stock sales are about $8.8 billion.
"It feels to me almost like earlier in the year with the meme stock craze, where you're getting these names that are coming out and the retail loves them. And they've got a nice story behind them," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. , which is in a deal to take Swedish electric-car maker Polestar public, were among the top 20 most actively traded names in the options market this week, according to Trade Alert data.The recent surge in EV stocks has spooked short sellers betting the prices of those companies' shares would fall, leading many of the traders to close their bets to avoid greater losses, said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
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