What is driving Tesla stock down for the third straight session on Wednesday

The Tesla Inc. TSLA sell-off continues unabated, with pre-market movement signaling a third consecutive losing streak for the stock.

What happened: Perception of the company and brand has taken a hit lately amid CEO Elon Musk's concern for Twitter. The billionaire's bold statements outlining his political leanings have alienated people, an investigation has found.

Most importantly, Tesla backers and investors are concerned that Musk may not be available to the company even as it faces difficult times. They fear that most of his time will be swallowed up by Twitter.

See also: Best EV Stocks

On Tuesday, Tesla bull and fund manager Gary Black signaled potential fourth-quarter disappointment from the electric vehicle maker, especially as Musk discussed the macroeconomic situation in his recent discussions about the company. Recent price declines in the US and China and production disruptions have all helped temper expectations for the quarter.

With Tesla down more than 4% on Tuesday despite the broader market rally, Black said there have been rumors that Musk may sell some of his stake in Tesla before the fourth quarter trading window closes on Friday. until the end of January.

Price Action: In premarket trading, Tesla shares fell 1.03% to $158.69, according to data from Benzinga Pro. This would mark their lowest level since November 18, 2020.

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