Tesla stock rose 3% to $112.71 on Wednesday after having one of its worst weeks following the Christmas holiday.
Shares had fallen more than 8% on Tuesday to $109.10.
Recently the company has had issues with production at its Shanghai facility due to its fresh outbreak of Covid cases.
Tesla stock is currently down -71% this year, it’s worst year yet.
But we all know a bear market yields the best discounts prior to takeoff (no pun intended).
Is Tesla stock a buy right now or should you wait?
This article is going to provide you with some insight to help you make that decision for yourself.
Let’s get started.
Will Tesla Shares Go Up or Keep Falling?
Our bear market has plunged companies to the ground and Tesla is no exception.
In fact, the probability of us having to survive this bear market much longer is much higher than seeing a complete reversal overnight.
Bank of America and Wells Fargo CEOs are predicting a recession will hit the United States by Q1 of 2023.
If the United States is hit by a recession in the new year, then we can expect a prolonged bear market.
BofA economists expect market volatility to persist going into 2023.
Tesla CEO Elon Musk sold 22 million shares of the company cashing in approximately $3.6 billion earlier in December according to this SEC filing.
After the massive selloff, Elon said during a Twitter space call that he will not sell any Tesla shares for about two years.
The reason behind the selloff?
Musk said he sees a ‘serious’ recession in 2023 and is preparing for a worst-case scenario.
Should You Sell Tesla Shares?
One thing I’ve learned is that if profits are up and a CEO sells, that is the perfect time to sell, for now.
But that’s just what I’ve learned.
Perhaps today might not be the best time to buy Tesla stock or sell it, considering shares have room to drop at better discounts.
Depending on your financial situation, it could be a great time to cash out and hold, or simply continue to hold while waiting for the next big dip.
Everyone’s situation is different.
But I’m curious to know where you stand.
Are you a Tesla shareholder?
Will you be buying Tesla stock in 2023?
Leave your thoughts below.
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