Did A Potential Stock Sale By Elon Musk Lead To Fall In Tesla Shares? Top Analyst Says It Could Instead Be Because Of Broader Selloff In AI Stocks

Quick Summary:

Black’s assessment indicates that Tesla’s stock price drop aligns with the performance of other AI stocks such as NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Marvell Technology Group Ltd. (NASDAQ:MRVL), all of which have seen significant declines.“It would be easy to conclude Elon is selling Tesla shares (-5.5%) today ...

The recent downturn in Tesla Inc.’s (NASDAQ:TSLA) shares is more likely due to a broader sell-off in AI stocks than a potential share sale by Elon Musk, according to Gary Black.

What Happened: On Friday, the managing partner at The Future Fund, refuted the idea that Musk was offloading Tesla shares to meet financial obligations for X before the Q3 trading window closes.

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Author / Journalist: Ananya Gairola

Category: Technology

Markets: United States

Topics: Future Fund News Markets AMD AI stocks AVGO US67066G1040 Equities TSLA NVDA Artificial intelligence MRVL Gary Black EVs Analyst Color US88160R1014 BMG5876H1051 Elon Musk Benzinga Benzinga neuro Mobility Stories That Matter SG9999006241 US0079031078 Tech

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Article Type: News Report

Published On: 2024-09-07 @ 08:31:40 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 502 words

Reading Time: 3 minutes read

Sentences: 21 lines

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