Why Is Tesla (TSLA) Stock Outperforming in May?

The electric vehicle manufacturing giant Tesla Inc (NASDAQ:TSLA) saw its stock make a bit of a recovery on Friday after having had a pretty horror week up until then.

Why Is Tesla (TSLA) Stock Outperforming in May?

During the course of the week, the Tesla stock hit its lowest levels in two months and had hit a level on the technical charts that indicated that there could be further declines. The stock had recorded declines for most of the week amidst fears with regards to inflation and a move from the company’s founder Elon Musk that left many confused.

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After having allowed payments by way of the cryptocurrency Bitcoin around three months ago, Musk tweeted last week that Tesla was no longer going to accept such payments due to environmental concerns. That move left many confused and had a direct effect on the Tesla stock. Even though the stock recovered by 3.2% on Friday, it ended the week with losses of 12%.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.