Wed, April 17, 2024

Elon Musk’s Tesla is Roaring in the Stock Market Today

Tesla will accept BTC again if miners use 50% clean energy

The new decade hasn’t been particularly easy for Elon Musk’s Tesla especially in the stock market. Just today, the company’s stocks are seen accelerating through the competition after a harsh crash last week.

Last week, the entire stock market felt a massive hangover and a painful ache brought by concerns about the virus. However, this week appears to be less painful as stocks are seen recovering in sessions.

Tesla, the electric car manufacturer based in California isn’t exempted from the struggles of the market. In fact, the company is highly susceptible as China sits as one of the biggest automotive markets.

On top of that, the company has its factory in Shanghai, China, making it an important location for it.

In the past, Elon Musk’s Tesla has seen a massive surge in prices this 2020. The main reason for then is the rising case of fear of missing out of its investors.

Then, following that, the company’s shares fell as the hype dies down. And today, stock prices for TSLA are seen gaining in the stock market due to an unlikely factor.

Why Its Stocks Are Rallying

Looking at the bigger picture, it seems that the electric vehicle producer’s stocks are running against fundamentals. First, the company is facing a problem with its leaked Tesla and SpaceX files.

Aside from that, the company recently had one of its showrooms close down. And to make matters sound even worse, experts are warning against buying TSLA stocks.

      • Interested in Online Trading with Tesla Stocks? Read WiBestBroker’s comprehensive review on Fundiza.

So, what caused the company’s shares to rise? The answer is General Motors (GM). Elon Musk’s Tesla has another big competitor in the stock market and automotive industry, and that’s General Motors.

General Motors recently proposed an EV Day to convince Wall Street that it has gas to run against Tesla. However, its effort fell short as investors don’t appear convinced.

The idea that flopped raised the spotlight on Tesla shares in the market, pushing it against fundamentals.

YOU MAY ALSO LIKE

Broker News, asml

Quick Look:  ASML reports mixed Q1 2024 results: Sales €5.29B, profits decline

Cocoa

Quick Look:: London cocoa futures dropped after reaching record highs due to

Telegram and toncoin

Quick Look: Telegram nears 1 billion users, signifying its global impact. Founder

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Witnesses Growth in Q1 Revenue

In the first quarter, Plus500 reported a $215.6 million revenue, marking a 4% rise Y-o-Y and a 14% increase Q-o-Q. Customer income was $169.6 million, with $30.6 million coming from customer trading performance.

BROKER NEWS

Plus500 Witnesses Growth in Q1 Revenue

In the first quarter, Plus500 reported a $215.6 million revenue, marking a 4% rise Y-o-Y and a 14% increase Q-o-Q. Customer income was $169.6 million, with $30.6 million coming from customer trading performance. The