Why Tesla Stock Jumped Tuesday
Tesla (NASDAQ: TSLA) shares rose over 5% in Tuesday trading and held onto a gain of 3.6% as of 3:40 p.m. ET. The move came after a vote of confidence from one widely followed tech investor and as CEO Elon Musk chimed in on a report about the company's battery supply.
Yesterday was a volatile day in the stock market, and Tesla shares were no exception. While the shares were down along with much of the market as fears of a financial crisis loomed, Cathie Wood added new Tesla shares to her family of ARK Invest mutual funds. Tesla stock ended the day slightly higher yesterday, and that momentum continued today after news of Wood's purchases surfaced. But there was news from the company itself that also helped boost confidence today.
After reports surfaced that Tesla and China-based BYD were ending a cooperative relationship for electric vehicle (EV) battery supply, Elon Musk turned to Twitter to deny the reports.
Source Fool.com
