Tesla slumps back below the key $300 level (TSLA)

Tesla stock price

Tesla fell back below the $300 level Friday.
Shareholders are set to vote on a number of proposals, including removing Elon Musk's brother from the board, next month.
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Shares of Tesla slumped 1.6% Friday, briefly falling below the key $300 level that they've been flirting with for weeks.

Tesla got a boost early this week as CEO Elon Musk bought up $10 million worth of stock on Tuesday, two days after calling out short sellers on Twitter.

"The sheer magnitude of short carnage will be unreal," he said Friday. "If you're short, I suggest quietly tiptoeing to the exit…"

Apparently they haven't gotten the message, though. And if they have, they're sticking to their guns. Short interest — a measure of bets a stock will decline — has climbed an additional $640 million since the start of Musk's tweet-storm according to data from financial analytics provider S3 Partners.

Also this week, the National Transportation Safety Board NTSB announced it's investigating the fiery crash of a Model S in Florida that killed two teenagers. It's the second NTSB investigation of a Tesla crash this year. The first was in California and Tesla refused to cooperate, citing transparency.

Shareholders are set to meet in early June, when they will be voting on proposals that include replacing Musk's brother Kimball as well as other board members that an activist investor group has said are unfit to serve.

Tesla shares have declined 5.8% this year.

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