Almost 40,000 Robinhood users bought the stock in four hours
Tesla shares surged 16% Monday before giving up gains
At one point Monday, there was a four-hour span in which Tesla stock was added to almost 40,000 Robinhood accounts, according to website Robintrack.net, which compiles data on the investing platform thatís much beloved by millennials.
The frenzy in interest means there are now roughly 447,000 users on the Robinhood app that hold shares of the electric-car maker in some form. That makes it the 11th-most popular stock on the platform, ahead of even Amazon.com Inc., which is held by 356,000 users.
It isnít at all clear that day traders are the main driver for the nosebleed rally in Tesla shares over the past few weeks. Indeed, there are myriad other possibilities, from the potential reveal of a new battery technology, to short covering, to conjecture over the possibility for the stockís addition to the S&P 500 Index.
But whatever the case, the shares have surged more than 60% in just the past 10 days.