I had almost $1,200 in “cash” left and was looking for another investment. I thought I should go for a safer bet but wanted to make sure it had lots of growth potential. I heard the news that Tesla had hit some production delays on its model 3. I have noticed the stock price typically drops after bad news. Telsa is especially volatile because it is not yet profitable. The price had been as high as $380 earlier in the year and it had not dropped below $300 per share since it went above it. The bad news dropped the stock to about $310 per share.
I have been reading about Tesla for quite some time they are a very innovative company, I even did a report on them during my last semester at college. They have much major new innovation besides electric cars. They have become leaders in battery power storage, solar power, and are entering the semi truck industry with big promises of more efficient big rigs. This production delay looked like a buying opportunity for me.
I transferred $86.98 from my side hustle account.
I purchased 4 shares of TSLA for $312.3114 each, the total cost was $1256.20