The enthusiasm ginned up for Tesla’s stock during its first day on the market has waned. After reaching almost $30, Tesla is fading fast. It’s down 32% from the high, as investors sell off.
This isn’t really a surprise. Jim Cramer recommended investors buy the stock at the IPO, let it rise, then sell it off. Tesla’s long term prospects are shaky at best.
The good news: If you bought Tesla stock when it first hit the market, you’re doing better than the broader market.
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