RIVN - EV roundup: Results mixed as Elon Musk sells another $1.05B of Tesla stock
The electric vehicle sector started out lower Wednesday and rose through the morning as Elon Musk's Tesla (NASDAQ:TSLA) stock sales and concerns about a potential Apple-designed (NASDAQ:AAPL) autonomous car overshadow the market. On Tuesday, Musk offloaded an additional 934,091 Tesla shares for $1.05B, reaching the halfway point on his Twitter promise to sell 10% of his holdings. So far, Musk has sold 9.2M shares totaling ~$9.9B since conducting a Twitter poll asking if he should sell roughly 17M shares, comprising ~1.7% of Tesla's outstanding shares, for tax purposes. Meanwhile, Bloomberg believes that a fully autonomous Apple car could debut as soon as 2025. Analysts are varied in how they think an Apple entry could impact EV stocks. Wedbush's Dan Ives believes that many companies can thrive in the EV environment even with an Apple car, while Morgan Stanley called an Apple EV the ultimate bear case for EV stocks. Gainers: Nikola
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EV roundup: Results mixed as Elon Musk sells another $1.05B of Tesla stock