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Tesla Is Tumbling After Announcing New Model

Myles UdlandOct 10, 2014, 19:02 IST

Shares of Tesla were down more than 5% on Friday, the morning after the company announced new all-wheel drive models.

At an event in Los Angeles on Thursday night, Tesla CEO Elon Musk announced the new model, which has three settings: Normal, Sport, and Insane.

Business Insider's Matthew DeBord has the full report from the event.

In response, the market appears to be "selling the news," which followed a cryptic tweet from Musk on October that it was "about time to unveil the D and something else."

Tesla shares were trading at about $245 on Friday morning, about $40 below where they were when Musk said the stock was overvalued back in early September.