After a recent selloff, Tesla’s shares bounced back as electric vehicle stocks rallied while Rivian Automotive became the world's third most valuable carmaker $TSLA $RIVN
Over the past week, Musk has sold about 8.2 million Tesla shares for around $8.8 billion. Those sales fulfill almost half of his pledge on Twitter to sell 10% of his stake in Tesla.With electric-car makers increasingly in demand on Wall Street, Tesla's stock has surged more than 150% in the past 12 months.
"There's still plenty of buying interest because I still think ultimately investors are viewing this as a phase and viewing pullbacks as an opportunity," said Craig Erlam, senior market economist at OANDA. "If you ask me where the share price is going to be six months from now, 12 months from now? I'd say it's more likely to be 20% higher than 20% lower."
Reporting by Noel Randewich in Oakland, Calif. Additional reporting by Lance Tupper in New York, Peter Henderson in Oakland and Hyunjoo Jin in Los Angeles Editing by Jonathan Oatis, Matthew Lewis & Shri NavaratnamSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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