Tesla is now the most popular stock on SoFi as millennials chase record-shattering gains
- Tesla is the most held stock on SoFi Invest, Social Finance Inc.'s trading platform.
- Tesla unseated Apple, which was previously the most popular stock on the platform.
- Tesla has been on an eye-popping bull run recently, but not without whiplash: Shares hit a new intraday high and fell 17% within two trading days this week.
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Among investors experiencing Tesla whiplash this week: millennials. It's the most held stock on SoFi Invest, CNBC reported.
It was the most purchased stock on SoFi, five days in a row, according to SoFi. On Wednesday, investors on the platform had bought and sold more dollars 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 1460% and shares hitting an intraday high of $968.99 Tuesday. A record number of people started following Tesla on Tuesday, according to SoFi -- 6% of the entire active base of users viewed Tesla's tearsheet Tuesday, according to SoFi.
But as CNBC reported, it's a volatile stock for retail investors to jump into. After Tuesday's record, Tesla's shares plummeted Wednesday, falling 17%.
Social Finance Inc., or SoFi, is a personal finance company that courts millennials. 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 the company on that metric in late January, according to SoFi.
