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- NASDAQ:MULN fell by 10.0% during Monday’s trading session.
- EV stocks plummet as Tesla drags down sector during NASDAQ sell off.
- Rivian drops 20% as Ford sells 8 million of its shares in the company.
NASDAQ:MULN narrowly remained above $1.00 during Monday trading, as the selling pressure on growth stocks continued into another week. Shares of MULN dropped by 10.0% and closed the bearish session at $1.08. Investors hoping for a reprieve from the ongoing market correction were sorely disappointed on Monday, as all three major indices hit their low points of the year so far. The Dow Jones tumbled by a further 653 basis points, while the S&P 500 dropped by 3.2%, and the NASDAQ plummeted by 4.29% during the session.
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Electric vehicle stocks extended their declines on Monday as the sector continued to succumb to the ongoing market weakness in growth stocks. Industry leader Tesla (NASDAQ:TSLA) dropped by a further 9.07% and fell below the $800 price level. Its market cap has now slid from above $1 trillion to just above $800 billion over the past couple of weeks. Other EV stocks that were in decline include Nio (NYSE:NIO), Lucid (NASDAQ:LCID), XPeng (NYSE:XPEV), Li Auto (NASDAQ:LI), and Rivian (NASDAQ:RIVN.
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The stock of another EV startup, Rivian, fell by 20.9% during Monday’s session, as one of its largest initial investors sold a major stake in the company. Ford (NYSE:F) dumped 8 million RIVN shares during the market sell off, although the legacy automaker still owns somewhere in the neighborhood of 100 million shares. It is rumored that JPMorgan Chase is also going to sell between 13 and 16 million shares of RIVN for another unknown seller.
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