Shares of Tesla
(NASDAQ: TSLA) sank on
Friday, declining as much as 10.8% at one point during the trading day. By the time the market closed, the stock was down 6.4%.The electric-car maker stock's continued beating was in part driven primarily by a tough day in the market for many stocks -- particularly for growth stocks like Tesla. But the ongoing drama in the news about Tesla CEO Elon Musk is negatively impacting the stock. Musk's attempted acquisition of Twitter (NYSE: TWTR) is still uncertain. Further, an Insider report published on Thursday that contained accusations against Musk likely added downward pressure on the stock.Though Tesla's business has been doing great this year, its stock hasn't. Year to date, the stock is down 37% -- much worse than the S&P 500's 18% decline over that same period. The stock's downward trend has largely been tied to investors' skittishness toward highly valued growth stocks. With a price-to-earnings ratio of about 90 and a fast-growing top line, Tesla fits squarely into the growth stock category.Continue readingWeiter zum vollständigen Artikel bei "MotleyFool"