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Tesla shares fall after another dose of bad news

Data: FactSet; Chart: Harry Stevens/Axios

Tesla shares closed down more than 3% after making up significant ground, following reports that the Justice Department is investigating Tesla and CEO Elon Musk's "funding secured" head fake.

Why it matters: Today's stock moves were not as bad as some feared, especially since shares of Tesla are down about 20% since the fateful August tweet. Tie in Musk's other troubles (including an SEC civil inquiry and a suit from a Thai cave diver), and the stock's volatility is far from over.

The other side: Some bulls are still hanging on. Ben Kallo, an analyst at Baird, reiterated his bull stance on Tesla following Tuesday's news of the criminal probe. In a research note, Kallo said Musk could be liable for any potential fines, not necessarily Tesla, and the company's "fundamentals are strong."