At the top of the year, the Wall Street Journal let the world know about the “Magnificent Seven,” a basket of tech stocks that traders were hyping up for the high profits amid a period of economic uncertainty.
Two of them—Microsoft and Apple—are now $3 trillion companies. Four of the others (Nvidia, Facebook parent company Meta, Google parent company Alphabet, and Amazon) have seen their shares start 2024 with a nice bump.
And then there’s Tesla.
The electric vehicle maker that helped make Elon Musk one of the richest men in the world has been having a rough go of things lately. It’s been dealing with waves of huge recalls covering everything from its cars’ autopilot features to the locks on their doors.
Plus, it might soon lose its spot as the biggest EV company in the world to China’s BYD as Hyundai and Kia nip its heels at home in the US. It likely doesn’t help that investors and company insiders are increasingly concerned about Musk’s drug use.