Tesla stock took a fall after Tesla CEO Elon Musk sold his Tesla shares worth $906.49 million late Monday.
Besides selling the 934,091 shares of his electric car company, Musk also exercised options to buy 2.134 million shares of the company at a strike price of $6.24. The options was granted to him via a 2012 compensation package and he has until August 2022 to exercise them.
While the stock took a dip following the selling of the shares by the CEO, most analysts believe the current dip of the electric car company’s shares is short lived and will be roaring back very soon.
To help stock traders eying the Tesla stock, Invezz has created a brief article on what it is and the best places to buy it.
To find out more, please continue reading.
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What is Tesla stock?
Tesla stock is the stock of Tesla, Inc. and it trades on NASDAQ under the symbol NASDAQ: TSLA.
Tesla, Inc. is an American-based car manufacturing company that specializes in designing, developing, manufacturing, selling, and leasing electric vehicles and energy generation and storage systems.
Elon Musk, one of the richest people on earth, is the CEO and owns majority of the company’s shares besides owning other companies including SpaceX.
Should I buy the TSLA stock today?
Despite the current dip, the TSLA stock is expected to roar back upwards. Therefore, buying the dip would be a great idea.
Tesla stock price prediction
The current dip is viewed by many as a short lived drop triggered by Elon Musk selling of Tesla stocks.
However, there are expectations that Tesla’s revenue will grow massively especially once the various Giga factories it is building become operational and that is expected to propel the price of Tesla stock to greater heights.