Tesla is acting like a meme stock right now, says billionaire ‘Bond King’ Bill Gross

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  • Tesla is acting like a meme stock right now, according to legendary bond investor Bill Gross.
  • Tesla stock has soared more than 40% amid a 10-day winning streak.
  • Gross said Tesla had “sagging fundamentals” amid the “straight up price action.”

Tesla ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1&utm_medium=ingest&utm_source=markets) is acting like a meme stock right now, according to legendary bond manager Bill Gross.

In a post to X on Tuesday, Gross said of the electric vehicle company:

The comments from Gross come amid an ongoing surge in Tesla stock.

The stock notched a 10-day win streak on Tuesday, ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7) rising nearly 4%.

Tesla stock has surged 44% over the period, flipping its year-to-date loss of nearly the same amount in April to a 6% gain.

But according to Gross, those gains aren’t warranted as the company has “sagging fundamentals.”

Tesla reported second-quarter vehicle deliveries last week, ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7) and while the nearly 444,000 vehicles delivered last quarter beat analyst estimates by 8,000, they still represented a year-over-year decline of 5.8%.

The EV-maker has been struggling with demand due to increased competition as more automakers release competing models, as well as from the growing popularity of hybrid cars. ^(https://zmeinogorsk.ru//https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4?utm_medium=ingest&utm_source=markets)

The other stocks mentioned by Gross include Chewy, ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/stocks/chwy-stock) which saw an intraday gain of 36% in late June after Keith Gill tweeted a picture of a dog, Zapp ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/stocks/zapp-stock), an electric vehicle maker that soared 496% over the past three days, and GameStop ^(https://zmeinogorsk.ru//https://markets.businessinsider.com/stocks/gme-stock), which soared as much as 271% after Keith Gill returned to social media in May.

Since their recent peaks, shares of Chewy and GameStop are down 38% and 62%, respectively, while Zapp is still in rally mode as of Tuesday’s close.

Read the original article on Business Insider ^(https://zmeinogorsk.ru//https://www.businessinsider.com/tesla-stock-price-meme-bill-gross-tsla-fundamentals-win-streak-2024-7)

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