Tesla stock was down more than 5% in midday trading, hours ahead of its highly anticipated shareholder meeting, where investors will vote on Musk’s $1 trillion pay package.
The broader market isn’t helping the stock. The S&P 500 is down 1.1%. Weak labor data seems to be a catalyst. Numbers from Revlio Labs, a workforce intelligence firm, suggest the U.S. economy lost 9,100 nonfarm jobs in October.
Investors typically get jobs numbers from the government, but the federal government is shut down. Revilo’s number includes a large drop in government sector employment.
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