Tesla Shares Fall Following Settlement on Mishandling of Hazardous Waste

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Tesla’s shares experienced a decline at the start of Friday’s trading session after having gained 0.8% in the previous session, closing at $190.02.

The drop in stock price comes as the electric vehicle manufacturer agreed to pay a settlement amount of $1.5 million to resolve a dispute related to the mishandling of hazardous waste. The San Francisco District Attorney, Brooke Jenkins, confirmed that a settlement had been reached following a lawsuit filed by 25 counties in California earlier this week.

This development adds to the challenges Tesla has faced in recent times. On Tuesday, a court in Delaware invalidated the pay package of Chief Executive Elon Musk due to concerns about the independence of the company’s board. The compensation arrangement had granted Musk around 300 million options, which were tied to the achievement of performance milestones.

As of premarket trading on Friday, Tesla’s stock was down by 0.9%. However, Nasdaq 100 futures experienced a gain of 0.8%. Over the past month, Tesla’s shares have seen a decline of 20.5%, while the S&P 500 and Nasdaq Composite have shown increases of 4.5% and 5.8% respectively.

It is worth noting that Tesla’s current stock price is significantly lower than its 52-week high of $299.29, which it achieved last summer. While Tesla’s stock was rising recently, along with some of its competitors, Lucid displayed a 1.9% increase to $3.48 in premarket trading. On the other hand, NIO’s American depositary receipts fell by 1% to $5.65, and BYD experienced a decline of 2.3% in Hong Kong trading. Furthermore, General Motors witnessed a slight decrease of 0.05% at $38.85.

The trading volume for Tesla on Thursday’s market closing amounted to 91.23 million shares, which was 26.4 million shares below its 65-day average volume of 117.6 million.

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