Tesla (TSLA) shares are inching down at the time of writing despite news that its chair, Robyn Denholm, plans on unloading another $32 million worth of the EV stock. Denholm has been on a selling spree over the past six months.

Tesla stock was trading down 4.5% as of 11:40 a.m. ET on Wednesday, declining by over 7% at the morning low. The reason for the drop is expanding competition in the self-driving vehicle sector. A recent announcement could mean that Alphabet 's Waymo and Toyota may soon be taking a bite out of Tesla's growth plans.

Tesla stock hasn't performed well to start the year. In fact, it was down by roughly 35% year-to-date as of mid-April. And Wells Fargo analyst Colin Langan believes this is only the beginning. I'm

Tesla stock rose early Thursday as investors wondered what the company—and shares—would be like without CEO Elon Musk at the helm. It wouldn’t be good. Shares of the electric vehicle maker were up 1.1% at $285.