Yahoo Finance Tesla bull: 'I’m buying as many shares as I can'
With Tesla (TSLA) shares losing steam in recent months, one shareholder says he’s never been more bullish on the company and its CEO Elon Musk.
HyperChange CEO Galileo Russell is scooping up as many shares as he can with all of his available capital because he believes in the Tesla growth story.
“I've never really seen a bigger dichotomy than the narrative in the financial media and the reality of what's happening on the ground at Tesla,” Russell said in an interview with Yahoo Finance’s The Final Round. “My plan is to hold [the shares] for decades and really watch this growth story unfold in both the energy and auto markets.”
Tesla shareholder meeting
Following Tesla’s disappointing first quarter performance that sent its stock reeling, Musk told shareholders on Tuesday that electric car demand is “absolutely not” struggling, and that Tesla had a “decent shot at a record quarter on every level.”
But despite Musk’s bullish tone, investors were slow to buy into the promises. After initially jumping in premarket trading on Wednesday, shares turned negative to end the session down 3.6%. For the year, the company’s stock is down nearly 37%.
But Russell, who was propelled to Wall Street fame following a May 2018 Tesla earnings call during which Musk infamously cut off “boring” analysts and called on Russell instead, considers Tesla one of the fastest-growing stories in the 21st century.
“This is a company, vertically integrated, that's compounded its unit deliveries at 113% CAGR since launching the Model S in 2012 - that's unbelievable growth,” Russell said. “It’s the data that convinces me that Tesla has a huge lead in the electric vehicle market, which is the most exciting niche of the auto sector right now.“
As of April, Tesla cars accounted for 32% of all EV vehicles sold in the U.S., outperforming competitors like Ford (F), Toyota (TM), General Motors (GM) and Audi.
Next big thing to watch
Looking ahead, Russell will be focusing on Tesla’s “battery and powertrain investor day” that will be held some time in the third quarter of 2019.
“The upcoming battery investor day will showcase Tesla’s industry leading tech and a mind-blowing roadmap to extend their lead in longest-range and most efficient EVs,” Russell said.
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