Jim Cramer: Robinhood Investors Are Searching for Next Tesla
When it comes to the stocks that are catching the attention of Robinhood investors (looking at you, Millennials), it’s hard to deny the appeal of Tesla.
Tesla has remained one of the most popular stocks on Robinhood with over 396,000 invested in the stock as of July 8.
Tesla recently became the most valuable automaker in the world with a market capitalization of $258.99 billion, displacing Toyota from the top spot.
After quadrupling the market capitalization of Ford and General Motors combined, shares of Tesla soared past $1,400 Tuesday. The stock has gained more than 227% in 2020 and has marked more than a 5,000% gain since its initial public offering just over 10 years ago.
Since then, the stock has seen a series of upgrades from analysts across the board and saw its market cap increase by $40 billion in a single day.
So why is the stock so appealing to the Robinhood investors of the world?
Jim Cramer said it all comes down to innovation as millennials seek out the companies who will define the future.
Which leaves the question…which startup will be the next Tesla and can there be another Tesla?
Cramer explores that question in the video above.
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