Despite dropping for consecutive trading days, Tesla (TSLA) has benefitted from a 4% election day boost as the automotive manufacturer garners some interest. Although its Q3 earnings report had investors feeling optimistic, the stock price quickly turned downward. Now, the market this observing whether or not the price has rebounded.
Any discussion regarding Tesla stock begins and ends with Elon Musk. His involvement with the 2024 presidential election and the Donald Trump administration has elicited different reactions from investors. Yet, how the stock responds to the election results will be an important point of observation.
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Tesla Gets 4% Boost as Market Still Looks Unsure About Stock’s Future
It has been a rather volatile few weeks for Tesla stock. The company has struggled to gain a solid footing, with a trajectory that is even more difficult to pinpoint. With an underwhelming Robotaxi debut, the stock faltered. However, it bounced back after overperforming Q33 results, only to once again drop for the next several trading days.
That looks to be subsiding for the time being now, as Tesla stock has bounced back 4% due to an election day boost that has TSLA in a good position. However, the conversation on the stock’s future is tied to those same US elections and the ultimate results.
Also Read: Tesla (TSLA) Stock Ends October Down 6%: Here’s Why
Earlier this year, Elon Musk was confirmed to have a position with the Donald Trump administration. Ultimately, that appeared to be the first knock to Tesla stock, driving it down from Q3 earnings hype highs. If Trump wins, Musk’s availability to the company must come into question. If he loses, there presents a different set of circumstances that could affect the company.
Now, investors are taking their position before those results come to fruition. Cathie Wood and her Ark Investment Management firm have sold Tesla stock in six straight trading days. Specifically, Wood has offloaded the TSLA stock every day since October 28th, totaling more than 120,000 shares sold.