---
title: "Tesla started the year with a 30% drop and was removed from the \"Magnificent Seven,\" but this ETF is being snapped up by bargain hunters!"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/107515183.md"
description: "Analysts say that investors are targeting this ETF, possibly to take advantage of the leverage effect provided by the fund."
datetime: "2024-02-06T05:34:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/107515183.md)
  - [en](https://longbridge.com/en/news/107515183.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/107515183.md)
---

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# Tesla started the year with a 30% drop and was removed from the "Magnificent Seven," but this ETF is being snapped up by bargain hunters!

Since the beginning of this year, Tesla's stock price has fallen nearly 30%, but this has also attracted a wave of investors to buy the dip.

On February 6th, according to media reports, the investors who bought the dip in large quantities were not Tesla stocks themselves, but an ETF fund - Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL).

Media quoted Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna International Group, as saying that investors targeted this ETF, possibly to take advantage of the leverage effect provided by the fund.

Behind Tesla's recent stock price decline is its negative news. In the latest earnings season, Tesla was the only one among the "Tech Big Seven" whose performance in the fourth quarter of 2023 did not exceed market expectations.

To the point where Brandon Michael, Senior Investment Analyst at ABC Funds, came out and said:

"Now there are only the 'Tech Six Sisters' left."

In addition, on February 5th local time, German enterprise application software provider SAP removed Tesla from its list of automotive suppliers. Steffen Krautwasser, head of SAP's fleet, told the media that Tesla's price fluctuations have made planning more difficult and brought higher risks. Tesla also tends to deliver earlier than agreed, which causes trouble for customers. SAP's withdrawal means a setback for Musk's efforts to expand the corporate vehicle market.

As a result, Tesla's stock price fell by about 7% during Monday's US stock market session, expanding its cumulative decline over the past five trading days to over 10%. The stock has fallen by about 30% since the beginning of the year, in just a little over a month.

Morgan Stanley analyst Ryan Brinkman previously warned that Tesla's stock price has a significant downside potential because the company's price reduction strategy has eroded profits and failed to significantly increase revenue. Morgan Stanley warned that Tesla's stock price may fall by another 30%, with a target price of only $130.

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- [Tesla (TSLA.US)](https://longbridge.com/zh-HK/quote/TSLA.US.md)

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