After soaring throughout the pandemic, Tesla stock had its worst annual performance in history last year, dropping roughly 65%. Questions over rising competition in the electric vehicle space, coupled with recession fears, helped drive shares to a two-year low under $110 by late December. But 2023 has been a different story. Retail investors have flocked to Elon Musk’s EV giant amid sustained revenue growth and record profits, helping push the company’s stock up over 60% year to date.
After spending a record $17 billion on shares of Tesla in 2022, individual investors added another $13.6 billion to their total in just the first two months of this year, the Wall Street Journal reported Friday, citing data from Vanda Research. Tesla stock is still down more than 50% from its November 2021 high of roughly $410 per share, but Vanda Research’s head of data Giacomo Pierantoni told the Wall Street Journal's Jack Pitcher that record “retail inflows” are helping boost the company’s stock price.
