Elon Musk's Tesla Suffered Its Worst Week Since 2022, Wiping Out $130 Billion of His Fortune. Is the Stock Still a Buy?
Tesla stock hit a 52-week low but has since jumped 6%.
Overview
Let's get to the bad news first. Tesla (NASDAQ: TSLA) posted a disastrous second-quarter earnings report, sending the stock down 18% to a 52-week low. The week following Tesla's July 22 report was its worst since 2022, and the stock drop reduced CEO Elon Musk's net worth by $130 billion.
But on the other side of the coin, Tesla stock seems to have found a bottom and has risen 8.7% since hitting that low. Is this a good time to purchase the leading electric vehicle stock, given that it is apparently heavily discounted?
Tesla CEO Elon Musk. Image source: The White House.
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.