(Bloomberg) -- Tesla Inc. whipsawed Tuesday after a relentless surge that pushed the stock up 50% from its May bottom lost some momentum, with investors broadly souring on growth stocks.
The electric-vehicle maker fluctuated after jumping as much as 1.7% earlier in the session, which took the stock up 50% from the May 24 closing low of $628.16. The shares currently remain about 27% below their all-time high of $1,243.49 reached on Nov. 4.
While Tesla investors have been through a tumultuous 2022, with the company tackling several challenges, the shares have been recovering at a torrid pace. They posted a 32% gain in July for Tesla's best month since October, as resilient second-quarter results, a climate change bill from the Biden administration and an overall cautiously optimistic mood in the markets helped boost the stock. Â
Still, most of the risks that weighed on the company earlier this year are lingering -- supply-chains are far from sorted, China's troubles are building further and the broader-market sentiment is uncertain.Â
Meantime, Elon Musk's tussle with Twitter Inc. continues. Earlier this month, Tesla's chief executive officer offloaded $6.9 billion worth of Tesla stock to accumulate cash ahead of a trial on the Twitter issue.
The company held its annual general meeting on Aug. 4, where its investors voted to approve a 3-for-1 stock-split. The shares will start trading on a split-adjusted basis on Aug. 25. Â
It will be Tesla's second share-split in less than two years. The last time the company had executed a similar move was in 2020, a five-for-one stock split that led to a 60% surge in the share price from the day of the announcement to the execution date.
(Updates stock moves throughout.)
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