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Is Tesla the new meme stock? | REUTERS

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Tesla shares have rallied since late June, with the bulk of the gains coming since July 2, when the EV maker reported a smaller-than-expected drop in vehicle deliveries in the second quarter. Longtime investor and Pimco co-founder Bill Gross said in a post on X that ‘Tesla was acting like a meme stock.’ Baird Investment Strategist Ross Mayfield weighs in on how such stocks are sentiment-driven.

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