Tesla stock dipped more than 6% in premarket trading

Tesla stock dipped more than 6% in premarket trading Tuesday after four consecutive days of gains.Elon Musk said Tesla Inc. hasn’t yet signed a contract with Hertz Global Holdings Inc..In additionTesla rival Rivian seeks to raise $8.4 billion in IPO.

Musk was replying to a tweet from an account named Tesla Silicon Valley Club, which showed a chart ofTesla’s rising stock price along with a thank you to the company’s chief executive officer, the world’s richest person.

News ofHertz’s order on Oct. 25, only around four months after the company emerged from bankruptcy, sent Tesla’s shares up 13% on the day and its market value past $1 trillion for the first time. The rally has continued, with the stock closing at a record high in New York Monday. Hertz, which trades over the counter ahead of a relisting on the Nasdaq Stock Market, has climbed 38% since the start of last week.

The order for 100,000 vehicles is equivalent to about a tenth of what Tesla can produce annually. Florida-based Hertz said it would be paying full price.

“The initial interest is exceeding our expectations,” Hertz’s interim CEO Mark Fields said last week as traffic to the company’s website soared, especially for its Tesla rental portal. “It shows that our message got through.”

Hertz has hired seven-time Super Bowl-winning quarterback Tom Brady to star in advertisements showcasing the new Teslas.