Tesla Bull Gary Black Says Elon Musk Added 'Fuel To The Fire,' But Clarifies That Billionaire's Comments Not Sole Cause For 35% Fall In Rivian Stock
Portfolio Pulse from Rounak Jain
Gary Black, a Tesla supporter, clarified that Elon Musk's comments were not the sole reason for Rivian's 35% stock drop, attributing it instead to Rivian's flat production guidance for 2024. Despite Musk's bankruptcy warning for Rivian, Black remains optimistic about Rivian's potential. Both Tesla and Rivian have been poor investments over the past year, with Tesla being the worse performer.
February 24, 2024 | 6:54 am
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NEGATIVE IMPACT
Rivian's stock fell 35% due to flat production guidance for 2024, not solely because of Elon Musk's comments, according to Gary Black.
The significant drop in Rivian's stock price is primarily attributed to its flat production guidance for 2024, as clarified by Gary Black. Despite external comments, internal company forecasts have a more direct impact on investor sentiment and stock performance.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Tesla has been a poor investment over the past year, with significant negative attribution, as admitted by Gary Black.
Gary Black's admission of Tesla being a poor investment over the past year, with significant losses, highlights the challenges faced by the company. This acknowledgment may affect investor sentiment and Tesla's stock performance in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80