Reported 4 months ago
Institutional shareholders and mutual funds that have held Tesla shares since 2019 are selling off their positions amidst the electric carmaker's declining performance, with some longtime believers like portfolio manager John Belton and Ross Gerber reducing or liquidating their stakes due to concerns of detachment from reality and distractions by CEO Elon Musk. While Tesla remains the most valuable automaker, analysts like Gerber believe the stock is overvalued, with its 30% decline in 2024 raising doubts about future growth prospects.
Source: YAHOO