Tesla passes Apple as most popular stock on SoFi - Business Insider

REUTERS/Hannibal Hanschke

• Tesla is the most held stock on SoFi Invest, SoFi's trading platform, CNBC reported on Thursday.
• Tesla unseated Apple, which was previously the most popular stock on the platform.
• Tesla has been on an eye-popping bull run recently, but it hasn't been without whiplash: Shares hit a new intraday high and fell by 17% within two trading days this week.
• Visit Business Insider's homepage for more stories.

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Among investors experiencing Tesla whiplash this week: millennials.

Tesla is the most held stock on SoFi Invest, CNBC reported on Thursday. SoFi, a personal-finance company that courts millennials, said it was the most purchased stock on its trading app six trading days in a row.

On Wednesday, investors on the platform bought and sold more dollars' worth of Tesla than any other name, ever, on the platform, CNBC reported.

The rush into Tesla shares came as the stock reached new highs this week. Tesla went on an eye-popping bull run after announcing earnings, with trading volume spiking 1,460% and shares hitting an intraday high of $968.99 on Tuesday.

A record number of people started following Tesla on Tuesday, when 6% of SoFi's active base of users viewed Tesla's tearsheet, SoFi told Markets Insider.

But as CNBC reported, it's a volatile stock for retail investors to jump into. After Tuesday's record, Tesla's shares fell by 17% on Wednesday.

SoFi's retail clients can trade stocks, exchange-traded funds, and cryptocurrencies on SoFi Invest. Apple was the most popular stock in terms of assets under management on the platform before Tesla surpassed it on that metric in late January, according to SoFi.

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