Three Top Contenders to Replace Tesla in the Magnificent 7

Is Tesla’s Reign as a Market Darling Coming to an End?

A recent slump in Tesla’s share price, coupled with a warning of slower deliveries, is leading some on Wall Street to question if the electric vehicle giant truly deserves its status among the “Magnificent 7.” Billionaire investor Leon Cooperman, CEO of the Omega Family Office, believes that Tesla’s fall from grace might mean it is time to consider alternative companies. With Tesla’s stock down 26% in just five weeks, a disappointing earnings report and a warning of stagnant vehicle volume growth, analysts have started to lower their ratings and price targets on the stock. Additionally, Tesla’s reduced market capitalization has resulted in a drop in its weighting on the S&P 500 list. Meanwhile, other companies, such as Berkshire Hathaway, Broadcom, and Eli Lilly, have seen their market cap and earnings surpass that of Tesla’s.