Tesla tumbles below $300

Shares of Tesla are under pressure on Thursday after the company reported a wider than expected first quarter loss and said that it burned through hundreds of millions of dollars. Thursday’s selling has pushed Tesla shares below the $US300 level for the first time in three weeks.

Following Wednesday’s closing bell, Tesla said it lost $US1.33 per share during the first quarter, worse than the $US0.82 loss that Wall Street analysts surveyed by Bloomberg were expecting.

The company also said that it burned through $US623 million of cash during the quarter. While that was down from nearly $US1 billion that the company burned through in Q4 2016, it was still the second highest cash burn on record.

Thursday’s selloff is good news for the traders who have been burned by betting against Tesla in 2017. That group has seen losses of more than $US3 billion this year, more than those betting against Apple, Amazon, and Netflix combined, Reuterrs says, citing data from S3 Partners.

Get the latest Tesla stock price here.

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