Tesla Inc's steep sell-off is proving to be an ongoing nightmare for fund managers that have bet heavily on the Elon Musk-led electric vehicle manufacturer.
. His net worth has fallen by more than $100 billion, according to Forbes, bumping him from the position of world's richest person.So far, there are few signs that Tesla's biggest backers are losing faith. Star stock picker Cathie Wood's ARK Innovation ETF bought 144,776 shares of Tesla during Tuesday's sell-off, according to the company's website, pushing its stake in Tesla to about 6.5% of its $5.9 billion in assets.
"Twitter is a temporary but huge distraction and it's unfortunate that Musk has bit off more than he can chew, but it has not damaged in any way the operations or future growth prospects of Tesla," he said.to take direct oversight of the company's U.S. assembly plants as well as sales operations in North America and Europe will likely be positive, Tanaka said.
From 2018 to the end of 2021, the stock posted a total return of 1,700%, compared with the S&P 500's 90% return, according to Refinitiv Eikon data. However, portfolio managers focused on yearly performance may be less willing to stick with the company in the face of rising competition and weakening demand, analysts said.
"Tesla’s meteoric rise over the last few years has rewarded shareholders of many funds but set the strategies up for potential failure if they held on without paring back exposure," said Todd Rosenbluth, head of research at data analytics firm VettFi.Our Standards:
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