** Shares of Tesla TSLA.O rise nearly 3% to $231.76 premarket following a near 10% slide over the past two sessions

** The EV maker's shares rise as megacap stocks gain ground following steep selloff on Tuesday .N

** Co also receives the first in a series of approvals from California required for the electric car maker to eventually launch a promised robotaxi service in the state

** With its ~44% slump YTD, TSLA is the worst performing Magnificent Seven stock

** The Roundhill Magnificent Seven ETF MAGS.Z has dropped 15.5% so far this year

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))