The electric car maker, which has scored outsized gains in recent weeks, suffered a rare down day on Monday, finishing 3.1 percent lower at $1,497.06 after rising as high as $1,794.99 earlier in the session.
Tesla shares have already soared a whopping 258 percent in 2020, leaving the US business press gawking at the iconoclastic Musk’s swelling wealth.
Musk is currently the 10th richest person in the world with $68.6 billion in wealth, according to Bloomberg.
Musk also could be just days away from qualifying for a new payout under the company’s executive compensation plan, which ties the Tesla boss’s pay to performance goals and stock price, and could yield Musk another $2.4 billion, according to Bloomberg.
The electric car maker is scheduled to report second-quarter earnings on July 22. There has been speculation Tesla could be promoted to the S&P 500 following the report. One of the criteria for that is to post profits over four consecutive quarters.
Tesla’s pullback was part of a larger retreat in tech shares Monday. The Nasdaq Composite Index, which has repeatedly hit records in recent weeks, finished down 2.1 percent at 10,390.84.