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As Model 3 Hits Road, Tesla Shares Follow Familiar Pattern

Tesla is scheduled to have its first Model 3 ready by Friday, CEO Elon Musk tweeted Sunday.

It’s the day Tesla’s customers -- and its investors -- have been waiting for. Tesla founder and CEO Elon Musk tweeted Sunday night that the first Model 3 would be finished on Friday. That timeline puts Tesla slightly ahead of schedule, a significant feat for the company, which has occasionally struggled to hit deadlines.

So why aren’t investors more happy? Tesla’s shares fell...