Tesla: Is this the cut we buy into?
Is it over...?
Tesla has had an "annus horribilis" so far in 2024 and the stock is no longer even mentioned as a Magnificent 7 stock. Is this just the beginning of the downturn and there is much more bad news to come, or would you dare to be contrarian at any stage in this stock?
The draw-down
Tesla has been in a drawdown for 861 days, the 2nd longest downturn since its IPO in 2010. Currently 60% below its November 2021 peak. Coincidentally, the drawdown started around the time Musk started focusing on Twitter.