Electric vehicle giant Tesla (NASDAQ:TSLA) has seen its stock going on a downward spiral in recent times and has declined by as much as 35% from its highest level in 52 weeks.
The short sellers are back in a big way and the disclosure of a short position worth $530 million from Michael Burry has further emboldened the bears. The comments from Elon Musk regarding Bitcoin and the latest disappointments with regards to the company’s business in China have both contributed to the current sentiment
However, experts believe that the stock could now move either way. Despite the drop in Bitcoin and hence losses in the company’s Bitcoin investment of $1.5 billion, it should be noted that nothing has changed with regards to Tesla’s business. The social media activities of Elon Musk might have made some investors jittery but many experts also believe that the situation is the same as it was in 2019 and hence it might be a good time to consider buying the Tesla stock.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.