Shares of Tesla have turned negative after CEO Elon Musk made the company’s patents available for fair use.
Musk announced his decision in a blog post, which outlined why the company no longer feels compelled to protect its patents. Musk said that the company’s real competition is, “not the small trickle of non-Tesla electric cars being produced, but rather the enormous flood of gasoline cars pouring out of the world’s factories every day.”
You can read Musk’s full post here.
Shares of Tesla were higher earlier in the session, but have forfeited those gains and are down about 0.2% in afternoon trade.