Tesla ( (TSLA) ) has fallen by -9.18%. Read on to learn why.
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Tesla’s stock has experienced a significant decline of 9.18% over the past week, sparking concern among investors. This downturn comes amidst broader market volatility and a tech sell-off, which has seen investors taking profits after a strong run in AI and tech stocks. The decline was further exacerbated by Tesla’s ambitious plans for its AI-driven projects, including the Optimus robot and Robotaxi service, which were highlighted in a recent all-hands meeting by Tesla AI chief Ashok Elluswamy.
Despite the recent dip, billionaire investor Ron Baron remains optimistic about Tesla’s future. Baron, who has a substantial portion of his personal wealth invested in Tesla, believes the market is underestimating the company’s potential, especially with its ventures into robotics and supercomputers. He predicts that Tesla’s stock could reach $10,000 within a decade, driven by these new initiatives and the company’s ongoing innovation under Elon Musk’s leadership.
Analysts on Wall Street have mixed opinions on Tesla’s stock, with a consensus Hold rating. While some are cautious due to the recent volatility and Musk’s new pay package, others, like Wedbush’s Daniel Ives, remain bullish, emphasizing Tesla’s AI-driven future as a key area of growth. Ives sees Musk’s leadership as pivotal in navigating Tesla through its next phase of expansion into AI and autonomous technology, suggesting that the company’s long-term prospects remain strong.