Tesla, Inc. (NASDAQ:TSLA) shares are moving higher on Friday after Tesla CEO Elon Musk reportedly asked staff and investors to hold on to their stocks amid ongoing volatility.
What To Know: According to Bloomberg, Musk asked employees to "hang onto" their stock amid current volatility during a meeting on Thursday in Austin, Texas, streamed live on X.
"If you read the news, it feels like Armageddon," said Musk. "I can't walk past a TV without seeing a Tesla on fire. I understand if you don't want to buy our product, but you don't have to burn it down."
Musk, during the same meeting, shared an updated timeline for the humanoid Optimus robot, stating that it could be available for external use as early as the second half of 2026.
"There are times when there are rocky moments, a little bit of stormy weather but I'm here to tell you the future is bright and exciting," said Musk.
Tesla stock has dropped 43% over the past three months, starting the year at above $400 per share. Several factors may have contributed to the stock's decline, including increasing competition from Chinese electric-vehicle competitors. For instance, Xpeng, earlier this week, reported an over 300% increase in vehicle deliveries year-over-year.
Meanwhile, Tesla has seen a drop in its sales, including a 45% decrease in European sales for January.
Musk's role in the Trump administration could also be impacting the stock, particularly his role as head of the Department of Government Efficiency, which has cut thousands of jobs since its inception. Musk's role in the current administration may also be linked to the surge in vandalism to Tesla property across the United States. The Federal Bureau of Investigation is currently investigating these incidents.
TSLA Price Action: At the time of writing, Tesla shares are moving 4.09% higher at $246.06, according to data from Benzinga Pro.
Image: via Shutterstock
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
Comment(0)
Reason For Report