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<div type="image" title="Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024." msid="115250619" hostid="261" sizebytes="118350" caption="&amp;lt;p&amp;gt;Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024.&amp;lt;/p&amp;gt;"></div> “Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">Demat</keyword> account than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2>The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,009 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89,370 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,426 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,02,562 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, domestic gold prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2>Hey, wait up for me, says <keyword id="23953567" type="General" weightage="20" keywordseo="las" source="keywords">LAS</keyword></h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2>What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="secured-loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-unsecured lending. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that personal loan delinquencies in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2>How does it work?</h2>Both these loans work on a similar principle: Your loan amount is equal to a certain percentage of the actual market value of your asset. This is known as the <keyword id="20051485" type="General" weightage="20" keywordseo="ltv" source="keywords">LTV</keyword> (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2>Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Simply Put: Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

“Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom gold ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="105386" type="General" weightage="20" keywordseo="Demat-account" source="Orion">Demat account</keyword> than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2022 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">85,009 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">89,370 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">97,426 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,02,562 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, <keyword id="3886593" type="General" weightage="20" keywordseo="domestic-gold" source="Orion">domestic gold</keyword> prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Hey, wait up for me, says LAS</h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="134904" type="General" weightage="20" keywordseo="Association-of-Mutual-Funds-in-India" source="Orion">Association of Mutual Funds in India</keyword>), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="Secured-Loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-<keyword id="947940" type="General" weightage="20" keywordseo="unsecured-lending" source="Orion">unsecured lending</keyword>. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that <keyword id="23954457" type="General" weightage="20" keywordseo="personal-loan-delinquencies" source="Orion">personal loan delinquencies</keyword> in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">How does it work?</h2>Both these loans work on a similar principle: Your <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> is equal to a certain percentage of the actual market value of your asset. This is known as the LTV (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<ul class="summary-list"><li>'October theory' originated on TikTok and is the belief that fall is the best time to set goals.</li><li>Because three months are left of the year, some people feel more motivated by the deadline.</li></ul>As the ball drops on New Year's Eve, many people hope they can stick to their <a target="_blank" href="https://www.businessinsider.com/new-years-resolutions-are-kind-of-outdated-2023-12">resolutions</a> for the next 12 months.For those who struggle to <a target="_blank" href="https://www.businessinsider.com/how-to-stop-procrastinating-accomplish-new-years-resolutions-goals-2024-1">meet their yearly goals</a>, the issue might just be timing.According to "<a target="_blank" href="https://www.tiktok.com/@chloevanberkel/video/7420922072085450026">October theory</a>," a concept that <a target="_blank" href="https://www.tiktok.com/@macyymorgan_/video/7284009453979045162">originated on TikTok in 2023</a> and recently went viral, people feel more motivated to set and pursue goals because they realize the year is almost over. Psychologists who spoke to Business Insider said there's some truth to it.<a target="_blank" href="https://patriciasdixon.com/">Patricia Dixon</a>, a licensed clinical psychologist, said she always sees an uptick in therapy clients around October, as therapy can coincide with them wanting to make big changes. "When the pumpkin spice comes out, we know that we are going to get extra busy," she said of her practice.Even before she heard of the October theory, <a target="_blank" href="https://www.kikiramsey.com/">Kiki Ramsey</a>, an executive coach and <a target="_blank" href="https://www.businessinsider.com/social-worker-quit-to-become-life-coach-positive-psychology-business-2024-8">positive psychologist</a>, told BI that she used to meet with her business-owner friends every October as a mini-retreat. They would reflect on their year so far and help each other set 90-day goals to finish it out strong.<h2 id="c26c0556-d832-4979-80a8-ea50a12ece9f">Shorter deadlines can be motivational</h2>Gyms tend to<a target="_blank" class="" href="https://fortune.com/2024/02/13/the-gym-flabby-january-planet-fitness-membership-equinox/"> fill up in January</a> when everyone gets started on their resolutions. Soon after, they empty as some people <a target="_blank" href="https://www.businessinsider.com/how-to-stay-motivated-to-keep-working-out-exercising-trainer-2021-12">lose their motivation to exercise</a>.Part of that has to do with the daunting idea of keeping up a new habit for a whole year. Starting in October instead, with three months left in the year, can feel more manageable. "Even if you haven't been able to get your big to-do item on your list, you can get something done and still leave the year feeling accomplished," Ramsey said.She said reframing the remaining three months as a 90-day goal gives you enough time to reset and kick off a new habit without overthinking it.<h2 id="ecf562eb-f55d-4ddb-84d5-415189249950">Fall is a more reflective time</h2>If you live in a place with noticeable seasons, witnessing the temperature dropping and the leaves changing color can inspire internal change, according to Ramsey. Plus, with the cool weather and approaching holidays, people might feel more optimistic and ready to <a target="_blank" href="https://www.businessinsider.com/new-year-network-career-hobby-resolutions-goals-skills-2024-1">set career goals</a> in October than on New Year's in the dead of winter.The holidays can also inspire more reflection. In Dixon's practice, "it brings on a lot of feelings of people being nostalgic," whether clients are reflecting on their childhood or a difficult time in their lives. Often, it can prompt them to think about making big changes.<h2 id="d74962b5-9020-447f-8ada-7bc7e35b630d">It's a perfect time to get started</h2>To make the most of this time, Dixon suggested de-emphasizing the end-of-year deadline and using it more as a guideline. "Now's the time to get started, and where you land is where you land," she said.She also encouraged celebrating any progress so far as to motivate yourself to move forward.To feel extra energized, Ramsey recommended turning your goal-planning session into a social event where you can share your dreams with friends and get feedback on your progress."This is your opportunity to step into a new phase of life, filled with that fresh energy, a sense of starting anew," Ramsey said. "Make it fun."

'October theory' explains why fall is a better time for hitting your goals than New Year's

<ul class="summary-list"><li>US stocks have rallied postelection, with the S&amp;P 500 up 3.5% since last Tuesday.</li><li>Bob Elliott sees potential for continued upside due to expected tax cuts and lower regulation.</li></ul>Investors have enjoyed an almost-everything rally in US stocks since the presidential election, with the S&amp;P 500 up 3.5% since then.While some strategists and money managers have <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-trump-trade-dot-com-bubble-sp500-smead-2024-11">warned the surge</a> has only pushed <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-election-investing-stock-market-strategy-sp500-valuations-morningstar-2024-11">high valuations</a> even higher, Bob Elliott, the founder of Unlimited Funds, thinks the upswing can keep going.In a November 7 interview with Business Insider, the former executive at Bridgewater Associates, the world's largest hedge fund by assets under management, said that the likely outcome of a red sweep means that investors will begin to account for the benefits of tax cuts and lower regulation more than they might have under a divided government outcome."There's most likely more room to run to price in that expansionary fiscal policy ahead," Elliott said. "Valuations are certainly elevated, but the power of over-easy monetary and fiscal policy, relative to conditions, is likely stronger than any concern about valuation in the near-term for most investors."Not only have investor expectations been adjusted, but the uncertainty that has kept many investors in safer assets has now been removed and should leave more inflows, Elliott said."A lot of the clouds have cleared, and so it's very likely we see those folks who remained cautious through this week start to allocate capital, particularly through the end of the year," he said.In terms of fiscal policy, Elliott said that Republicans would likely extend the Tax Cuts and Jobs Act, which will keep corporate and individual taxes lower than they were likely to have defaulted to under a Democratic administration or split government.The amount of mergers and acquisitions should also increase thanks to lower regulations, he said.Tariffs and the large-scale deportation of migrants would be aspects of Trump's agenda that could be damaging to growth, Elliott added, though it's unclear how likely these initiatives are to be carried out, For example, tariffs could just be bargaining chips being put forth by Trump to negotiate new trade terms with other countries."We probably won't really know what that path will look like until the second half of 2025," he said.Until then, the outlook is bullish for "everything but bonds," Elliott said.But three areas within the broader stock market should be primed for more upside than others. A solid macroeconomic backdrop and falling rates have typically been factors that are good for cheaper stocks, he said, and they should get more of a boost relative to other areas of the market in the near future."When you get these types of conditions where you have reasonably strong economic conditions and a loosening or an easing of policy, that often will cause liquidity to take advantage of or flow to unloved corners of the market," he said.He continued: "So areas that have been underperforming — things like small-caps, energy stocks, financials — areas like that that just have not seen the sort of top-line demand that things like tech stocks have seen."Investors can gain exposure to these areas of the market through funds like the Vanguard Small-Cap ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/vanguard-small-index-fund-etf-shares-us9229087518?miRedirects=2">VB</a>), the Energy Select Sector SPDR Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/the-energy-select-sector-spdr-fund-us81369y5069?miRedirects=2">XLE</a>), and the iShares US Financials ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-us-financials-etf-us4642877884?miRedirects=2">IYF</a>).

A former Bridgewater executive shares why the stock-market rally has room to run — and 3 'unloved' trades primed for a boost

<ul class="summary-list"><li>Professional trader John Salama has ridden the market rally for the last year.</li><li>US stocks will remain hot for at least the next six months, even if there's a pullback.</li></ul>Swing trader John Salama has been hyper-bullish — almost to the point of hyperbole.Just over a year ago, Salama predicted that the S&amp;P 500 <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-market-rally-outlook-prediction-analysis-investing-strategy-2023-9">would rebound and rally into year-end</a>. He then <a target="_blank" href="https://www.businessinsider.com/how-to-invest-now-stock-market-rally-outlook-prediction-salama-2024-1">called for continued strength</a> in early 2024 and said a few months later that the S&amp;P 500 would climb <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-prediction-sp500-rally-year-end-salama-2024-3">to 6,000 before 2025</a>, before <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-market-outlook-prediction-investing-strategy-ai-tech-2024-7">doubling down on that forecast over the summer</a>.Though those calls may have seemed unrealistic then, they've mostly come true so far.The S&amp;P 500 is up 22.7% to 5,850 in 2024, which has shattered <a target="_blank" href="https://www.businessinsider.com/2024-outlook-stock-market-economy-recession-investing-forecast-wall-street-2023-12#1-bmo-capital-markets-1">even Wall Street strategists' most optimistic predictions</a>. Before the year, the highest price target for the index from major investment firms was 5,100, hit in early March.Salama has ridden what's been a nearly nonstop rally, as have those who listened to him.With 2025 near, the trader recently told Business Insider about his latest head-turning call: the S&amp;P 500 will breach the 6,500 milestone by May 1, which would be an 11% jump in six months.Such a projection may seem ambitious, given that the index has already had a mammoth run. It's set to score a <a target="_blank" href="https://www.macrotrends.net/2526/sp-500-historical-annual-returns">double-digit gain for the fifth time in six years</a> and the 11th time since 2009.While those past gains can't guarantee future success, they also don't suggest that US stocks are now set up for failure. In fact, that historical precedent is a great comfort to Salama."I don't want to stand in the way of the market going higher because people think it's gone up too much," Salama said. "That's silly. Go look at an <a target="_blank" href="https://novelinvestor.com/sector-performance/">S&amp;P return quilt</a> of the past 50 years — how much is red, how much is green, and how much down it is. And the market still has room to go."<h2 id="b559f6fb-a743-40c5-bb20-e3bae83f64b6">Watch for a buying opportunity soon</h2>Stocks <a target="_blank" href="https://yardeni.com/charts/sp-500-historical-monthly-annual-returns/">often struggle in the autumn</a>, especially in election years.But <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">the opposite has taken place in 2024</a>, as the S&amp;P 500 has broken through to new levels thanks to compelling catalysts like strong earnings and <a target="_blank" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">falling interest rates</a>."These were supposed to be the bad seasonality, bad moments of the market — and yet we crank higher to new all-time closing highs," Salama said.With that said, Salama said he can't rule out a hiccup in the coming weeks. The trader was cautious about the dozen or so trading sessions before the pivotal early-November election, saying that the market could take a quick breather until afterwards."It's possible you get a bit of a perverse reversal, as it were, going into the election," Salama said. "Markets hate uncertainty. Right now, it's kind of a toss-up between the two candidates. You're going to get a vol crush, I'm pretty sure — barring some unforeseen circumstance."The market's near-term risk-reward setup isn't too enticing, Salama acknowledged. Although he's confident in stocks, he said the S&amp;P 500 may slip to the 5,700 mark or just under 5,600 in what would be a small but sharp pullback.However, Salama would likely put money to work if the index gets there, as he doesn't think holding money in cash is a sound long-term strategy."If you're in cash on the sidelines, collecting your couple of percent, you missed the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">two-year bull market</a> where it's done about 24% a year," Salama said. "So I'm not going to be holding that back."<h2 id="d4f15b1d-cf58-44b6-bfd1-d76fe9bb2e8d">5 industries to target — and a bonus idea</h2>As for which parts of the market look enticing, Salama shared five industries that he's fired up about — even though he noted that stock valuations are unusually rich.While <a target="_blank" href="https://www.lpl.com/research/blog/valuations-arent-great-timing-tools.html">valuations are correlated with long-term returns</a>, the trader said paying undue attention to the S&amp;P 500's earnings multiple can backfire spectacularly."If you use valuation as a timing/trading mechanism, you would've missed out on a two-year bull market," Salama said. "And when people are going back and forth on, 'there's going to be a soft landing or a hard landing,' you miss the whole takeoff. So I can't get consumed with valuation."Salama added: "In terms of valuations, the drift is higher. So I don't want you be betting on a collapsed valuation."This market is healthy because investors are drifting away from technology stocks and toward less-flashy industries and sectors like banks, real estate, and homebuilding, Salama said. Such rotations are "the lifeblood of a bull market," the trader remarked."These are trends that you cannot ignore," Salama said. "You got that rotation into other parts of the area. We're not talking about '<a target="_blank" href="https://www.businessinsider.com/ceo-pay-apple-nvidia-microsoft-alphabet-meta-amazon-tesla-2024-5">Mag Seven</a>' only anymore."Each of those economically sensitive areas has gained major momentum in recent months as mortgage rates fall, though they've slipped recently during a few forgettable market sessions. Salama believes those trades still have plenty of life, including homebuilders, which he said were the "new girl at the ball" as lower borrowing costs <a target="_blank" href="https://www.businessinsider.com/real-estate-mortgage-rates-outlook-prediction-top-cities-homebuyers-owners-2024-10">bring buyers off the sidelines</a>."Homebuilders, the whole real-estate story is really into focus here as the Fed is cutting into 2026," Salama said.Salama said he has exposure to those groups through options on exchange-traded funds like the SPDR S&amp;P Bank ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-bank-etf-us78464a7972">KBE</a>), the iShares US Real Estate ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-us-real-estate-etf-jp5841380008">IYR</a>), the iShares US Home Construction ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-us-home-construction-etf-us4642887529">ITB</a>), and the SPDR S&amp;P Homebuilders ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-homebuilders-etf-us78464a8889">XHB</a>).Although semiconductors are no longer all the rage in markets after losing some steam, Salama said they're worth sticking with since their uptrend remains intact.Gold miners are also a compelling option as the yellow metal hits record highs on the back of geopolitical uncertainty and continued government spending. The VanEck Gold Miners ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/vaneck-gold-miners-etf-us92189f1066">GDX</a>) has been a strong option and should continue to be into 2025, in Salama's view.Lastly, Salama said investors should have at least some exposure to digital gold — better known as bitcoin — through products like the Grayscale Bitcoin Trust (<a target="_blank" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>)."Once it breaks out, it's going to break out," Salama said of bitcoin. "The highs are $73,000; we're at $67,000. We all know it can do that very quickly. And MicroStrategy (<a target="_blank" href="https://markets.businessinsider.com/stocks/mstr-stock">MSTR</a>) tends to lead the bitcoin move, and MicroStrategy is doing wonderfully — up 500% in the past year. So that shows no signs of letting up."

'Room to go': A rally-calling professional trader shares why the S&P 500 will rocket to 6,500 by Memorial Day — and 6 investments set to soar

For 10 years, Joe Gallegos Jr. lived the life of an LA actor, driving from audition to audition across the sprawling city in the hopes of landing a role. Things were going well — he'd landed a role in "A Cowgirl's Story," a military drama starring Bailee Madison, the "Dance Moms" star Chloé Lukasiak, and Pat Boone, and he was starting to read for bigger projects.That all changed a few years ago when a film role brought him back to his native New Mexico. He was close to family for the first time in years, and the film industry there was burgeoning. When the movie wrapped, instead of sprinting back to Los Angeles, Gallegos realized he didn't have to go back. The pandemic had shifted from in-person to on-tape. He's since earned acting credits in TV shows like "Pulse," a medical procedural on Netflix; and "Duster," a JJ Abrams drama on HBO Max — both of which filmed in New Mexico. The money he's made from those gigs and a few independent projects made it possible for Gallegos to buy a townhouse in downtown Albuquerque — something he'd never come close to being able to afford in La La Land."It's been a good decision because, as an actor, I can be literally anywhere in the world now," he told me.Lately, creative workers are increasingly chasing their Hollywood dreams in production hubs far from Hollywood. LA continues to hold the lion's share of <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">film and TV jobs</a> in America, but after a long grind of jobs slowly slipping away, the exodus from the city has accelerated in recent years. A recent analysis of Bureau of Labor Statistics figures conducted by Patrick Adler and Taner Osman of Westwood Economics &amp; Planning Associates found that the figure was 22% in August, down from about 33% two years earlier.So what's making actors, executives, and studios look beyond the Hollywood sign? Some factors aren't new. Most notably, states have long used financial incentives to try to lure film investment away from California. But those incentives helped establish an infrastructure across the US — with top-notch sound stages being built in cities as varied as Dallas, Atlanta, and Miami — that was ready and waiting when the pandemic-era rise of remote work gave those seeking a lower cost of living a real choice in deciding where to live. Add it all up, and it seems that the glitz and glam of Hollywood is struggling to keep up with simple dollars and cents.The filmed entertainment industry's center of gravity is shifting further from Hollywood at a time of upheaval. The decadelong shift to streaming was exacerbated by the pandemic, which stalled, then boosted, production as people stayed inside and became couch potatoes. Peak TV came to a halt in 2022 when networks, studios, and streamers couldn't make the financial math for all those new streaming shows work. And filming was shut down once again in 2023 because of the Hollywood actors and writers strikes.When projects slowly got back on their feet, fewer of them were turning their lights on in LA. FilmLA, which issues permits for production in the region, found that Greater Los Angeles' share of US-produced TV and film projects declined from 23% in 2021 to 18% last year. The number of people employed in the traditional entertainment industry in LA, according to the Bureau of Labor Statistics, hit a 30-year low in June. At the same time, jobs related to video gaming, live events, and the creator economy rose in the city as people's <a target="_blank" href="https://www.emarketer.com/content/digital-media-makes-up-nearly-two-thirds-of-consumers-total-time-spent-with-media">media diet</a> shifted toward social video and away from traditional TV and movies.The biggest reason that productions are looking elsewhere is cost. The wage gains made by the actors and writers have increased budgets for talent, leading producers to hunt for ways to drive down outlays in other areas — including locations. Thirty-seven states offer perks for film and TV production — typically in the form of tax credits equal to a percentage of a production's in-state spending, or cash rebates — and at <a target="_blank" href="https://www.ncsl.org/state-legislatures-news/details/watch-out-hollywood-states-want-a-piece-of-the-moviemaking-action-1">least 18 states have implemented or expanded</a> film tax incentives since 2021. Georgia boosted its incentive program in <a target="_blank" href="https://www.ajc.com/blog/buzz/top-grossing-films-shot-georgia-since-2008/joqaWPplc0L2mKzwmcNMwK/">2008</a>, helping attract big-budget films like Disney's Marvel franchise and the Netflix hit "Stranger Things." Atlanta's share of entertainment employment is still relatively small — just 2%, according to the Otis Report on the Creative Economy, a closely-watched research study — but that has doubled over the past decade and shows no sign of slowing.As productions move out of Los Angeles, it becomes easier for others to follow. Tiffany FitzHenry, an executive producer known for "Sound of Hope: The Story of Possum Trot," has seen the Atlanta area evolve since relocating there from LA in 2009."We have training for not just below the line but people in producing, packaging, financing," she told me, adding that the shift in major studio movies to the city had brought with it the structures needed to sustain a more permanent workforce."The biggest movies have been made here for the past 15 years," she said. "We have all the toys and tools at our fingertips."Other states are getting in on the action. Kentucky passed an incentive program in 2022 offering fully refundable production tax credits worth up to $75 million total or $10 million a project. Its second-largest city, Lexington, recently hired the entertainment marketer Lisa Brin, a Lexington native, to help persuade studios to shoot there. Brin said Lexington had attracted 30 film and TV projects so far this year, representing more than $2 million in local spending. In addition to the financial incentives, the city touts production spaces like Lex Studios, a facility with three sound stages, a growing crew base, and a willingness to pull strings as they did for a recent production that requested a major street to be closed for a shoot.In addition to luring productions, these areas are also trying to make it more appealing for creatives to stick around once the cameras shut off. Georgia and Kentucky are among states that have invested in training programs to foster homegrown talent and initiatives like FilmLex as a resource hub to help productions. For transplants, it's cheaper to live and raise a family outside LA as well as New York, the second-biggest entertainment market. And while jobs and the cost of living might be the primary reasons people move, the proliferation of cultural amenities in many smaller cities makes it easier for them to stay. 26 Keys, a production founded by Noah Hawley, an Austin native who created FX's "Fargo" series, is taking steps to build up Austin's entertainment cultural capital, with plans for a library, events like industry happy hours, and film screenings, working with organizations like the Austin Film Society and South by Southwest. "I just don't think there's a real sort of hub that's trying to connect them," said Maddy Bilder, a project director at 26 Keys. "That's what we're hoping to do here."It's not just other parts of the US that are drawing film crews away from LA; other countries are trying to win over Hollywood as well. Hungary, with a 20-year-old tax rebate and access to culture and an expanding stage system, was recently the setting for Yorgos Lanthimos' "Poor Things." Australia <a target="_blank" href="https://www.ausfilm.com.au/media-releases/ausfilm-celebrates-passage-of-australias-30-location-offset/">nearly doubled</a> its location tax credit to 30% this summer after big-budget titles like the Sony Pictures rom-com "Anyone but You" and the Universal Pictures comedy "The Fall Guy," which starred Ryan Gosling and Emily Blunt, were shot there. Roughly 60% of Netflix's and Amazon's commissions in the first half of this year were on continents other than North America, according to Ampere Analysis."I know of producers, senior production people, moving to places like Australia or working in Hungary," said Tyler Mitchell, the CEO of <a target="_blank" href="https://www.businessinsider.com/inside-ron-howard-brian-grazer-impact-production-crew-staffing-platform-2023-3">Impact</a>, a LinkedIn-like platform for Hollywood. "In the UK, Australia, the governments have supported a lot of education, training, to make sure as they built up production facilities, they had enough crew to service sound stages. So there is more of a talent base globally in places like Ireland, Budapest, South Africa, and the UK. I've heard of more productions in Saudi Arabia looking for crew than I ever have."Actually being on a set is only one part of entertainment production. Development, preproduction, and postproduction are responsible for a huge portion of what ends up on screen. But here, too, the need to physically be in the mecca of moviemaking is waning. Technology is giving rise to a Tinseltown version of remote work.Self-tapes, where actors use ring lights and film themselves at home to connect with casting directors, have become commonplace. Many meetings to pitch projects that shifted to Zoom early in the pandemic have stayed on video. On the postproduction side, file sharing and editing platforms like Pix and ScreenIt Pro enable production companies like 26 Keys to review content locally rather than fly to editing rooms in LA."A lot of pitch meetings are happening over Zoom, four years later," Bilder said.While the power of Los Angeles is dispersing, no single "new Hollywood" is coming to take its place. The end of Peak TV has contracted employment all over — the total number of jobs in the industry, <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">at 447,000</a>, declined 9.1% from 2013 to 2024. Even as markets like Atlanta and Miami grow, their homegrown entertainment encampments have a long way to match the hundred-year history of LA — the most valuable parts of the supply chain, like casting big stars, greenlighting, and packaging, are still concentrated in the city."There's high stakes there. This is an area where trust matters," said Adler, the principal at Westwood, which conducted research for the Otis report. "You built it through face-to-face interaction, repeated exchanges. That's why casting for top roles still happens in LA, even if they end up being shot elsewhere."For those who are just starting out or who work on the creative side, too, Hollywood is still where careers are made and nurtured. FitzHenry wishes there were more directors and producers with packaging and marketing skills in Georgia. "It's a skill set that hasn't been outside of Hollywood," she said. "Currently, the only way to learn is for a producer to adopt and teach you. I was lucky to work with highly skilled producers, which I learned in LA, like an oral tradition. That's a lot of relational capital that needs to be established." Keisha Perry, a longtime entertainment attorney in Atlanta whose clients have included Cedric the Entertainer's production company and the movie "The Waterboyz," said that being a local attorney had made it easier to connect with the growing number of productions taking place in the South but that she still traveled to LA regularly."The reality is, a lot of the decision-makers are in LA," she said. "There are those people who feel as though if you're not in LA, your legitimacy can be questioned."Further evidence of LA's staying power is in the industries like video games, marketing, and the creator economy that are concentrated there because of the city's legacy in entertainment, which has endured through the rise of radio, then TV, then streaming. That may not necessarily lead to more TV shows and films being made there, but it underscores The Town's cultural importance.Gallegos estimates that he still gets half his work from outside New Mexico, helped by representation he has in LA. "The reality is, major roles are not cast here and often not shot here," he said. For all the perks, he misses the excitement of being in LA. "There's stuff happening 24/7. I'm a trained dancer, too. I could always jump into something." Then there's the nagging feeling that virtual auditions don't count. "Sometimes I think I'm sending things out into the void that don't get watched."Despite the similar professional gaps she sees, FitzHenry remains deeply rooted in Atlanta. She's found an affordable, friendly place to raise her kids and a tight-knit professional community that pulls together to help bring projects to the state, things she never experienced in LA."There's a sense people really care about each other," she said. "There used to be that mentality of, you have to be in Hollywood to be in the business. I think that's changing."<a target="_blank" class="" href="https://www.businessinsider.com/author/lucia-moses">Lucia Moses</a> is a senior correspondent covering the intersection of tech and Hollywood for Business Insider's Media team.

Leaving Los Angeles: Why the film industry is ditching Hollywood

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> stands to benefit from any removal of consumer tax credits on electric vehicle purchases.</li><li>The move could hurt competitors more, CEO Elon Musk said.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> supports a Trump plan to end tax credits of up to $7,500 for electric vehicle purchases.That might sound confusing: Why would the CEO of Tesla want to end a program that makes it cheaper for people to buy EVs?Well, according to Musk, it would devastate Tesla's rivals. And Tesla wants to keep its strong lead in the US EV market, which recently slipped under 50% for the first time."I think it would be devastating for our competitors and for Tesla slightly," Musk said in a July earnings call, predicting the impact of the tax credits ending. "But long term probably actually helps Tesla, would be my guess."On Thursday, Reuters reported that Trump plans to end the EV tax credit, with support from Tesla representatives. In a related post on X, Musk called for an "end all government subsidies, including those for EVs, oil and gas."Tesla has had a longer time than some of its rivals to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12">benefit from government subsidies</a>. Its market lead is well established, and it has led an EV pricing war that has squeezed its rivals, making it harder for them to survive if consumer demand falls even further.Put simply: Tesla wins if ending the tax credit pressures smaller rivals enough to stall their growth or even fold.<h2 id="91842e59-2373-4c08-abdd-17185b0bea0d">Tesla sells more EVs than anyone else, and more profitably</h2>In the third quarter of 2024, Tesla <a target="_blank" class="" href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2024-Update.pdf">reported</a> a pre-tax profit margin of 18%, well above the industry average of around 9%. Ford, the only competitor to break out its EV-specific finances, <a target="_blank" class="" href="https://s201.q4cdn.com/693218008/files/doc_financials/2024/q3/Press-Release-Ford-2024-Q3-Earnings.pdf">reported</a> a -104% margin for its Model e unit.Yet many of Tesla's vehicles are also priced well below many competitors. The Model 3 starts at $42,490 (after a cheaper option disappeared earlier this year). That's well below the average EV price in the US, which held steady at nearly $57,000 in October, according to Kelley Blue Book data.In an effort to juice sales, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-can-make-cars-cheaper-than-competitors-2024-6">Tesla has drastically cut prices</a> on many of its cars over the past year, instigating an industry-wide price war that has cut into its own margin in pursuit of maintaining its industry-leading market share. Of the nearly 600,000 EVs sold in the US in the first half of 2023, <a target="_blank" class="" href="https://www.coxautoinc.com/wp-content/uploads/2024/07/Q2-2024-Kelley-Blue-Book-Electric-Vehicle-Sales-Report.pdf">half</a> were made by Tesla. Ford, in second place, accounted for just over 7% of EVs sold in the same period."While losing the EV tax credit could also hurt some demand on the margins in the US, this will enable Tesla to further fend off competition from Detroit as pricing/scale/scope is an apples to oranges when compared to the rest of the auto industry once the EV tax credit disappears," Dan Ives, a longtime bullish analyst at Wedbush, told clients in a note on Thursday.<h2 id="c6cefac7-9186-47f8-8f0a-f2fb65808785">Tesla is ahead of the curve in building a US manufacturing presence</h2>Eliminating the <a target="_blank" class="" href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify">consumer tax credit</a>, part of President Joe Biden's Inflation Reduction Act, would need congressional approval. It's not yet clear if Trump and the incoming Republican-controlled Congress would also target other IRA tax incentives, like those supporting domestic manufacturing of cars, batteries, and other components. Competitors like BMW, Honda, and Hyundai have <a target="_blank" href="https://techcrunch.com/2024/07/20/tracking-the-ev-battery-factory-construction-boom-across-north-america/">raced</a> to scale up factories state-side to take advantage of those credits.Tesla has been ahead of this curve in manufacturing, too, with six US factories churning out cars and batteries. That work has paid off, and many Tesla models are regularly named as the most "<a target="_blank" href="https://www.cars.com/american-made-index/">American-made</a>" compared to competitors, many of which rely on factories in Mexico. In fact, only one other American automaker even cracked the top 10 in 2024.Tesla CFO Vaibhav Taneja said in a July earnings call that the company has taken advantage of manufacturing credits, but "we always drive ourselves to say, OK, what if there is no IRA benefit? And how do we operate in that kind of an environment? Like Elon said, we definitely have a big advantage as compared to our competition on that front."In October, the Alliance for Automotive Innovation, an industry group representing Ford, GM, Honda, Toyota, and others, <a target="_blank" href="https://subscriber.politicopro.com/article/2024/11/auto-trade-group-to-gop-tax-writers-keep-bidens-ev-credits-00189430">urged</a> Congress to keep the tax credits.The tax credits, including those for commercial leasing and manufacturing, are "critical to cementing the US as a global leader in the future of automotive technology and manufacturing," they said in an October letter to Congress published by <a target="_blank" href="https://subscriber.politicopro.com/f/?id=00000193-277d-dea7-afbb-b77f708f0000">Politico</a>.The group, which does not include Tesla, did not respond to a request for comment. A spokesperson for the Trump transition team did not respond to a request for comment.While Musk supports cutting the EV tax credit, reports of its potential demise appear to have spooked investors. Tesla shares fell about 5% following the Reuters report, while Rivian shares fell 11%.Musk and other Tesla leaders have long said autonomous vehicles are the future of Tesla, not just EVs, and encouraged potential investors to think much more long-term.Additional reporting by Benjamin Zhang.

Why Musk supports Trump getting rid of EV tax credits

<ul class="summary-list"><li>The prices of new and used cars are normalizing, but sales have flatlined, Bank of America says.</li><li>Consumers are still priced out of the market because of rising interest and insurance costs.</li></ul>Car prices are falling back down to earth in a steady decline from 2021 peaks. But that's no relief to consumer wallets, as car affordability remains low.<a href="https://institute.bankofamerica.com/content/dam/bank-of-america-institute/economic-insights/auto-affordability.pdf" target="_blank" rel="noopener">Bank of America</a> says overall car sales have flatlined despite recoveries in both pricing and supply. During the COVID years, new car inventory slumped heavily as stimulus-rich buyers looked for alternatives to public transport. Deepening the crunch were supply-chain issues, which dented the availability of components needed for manufacturing. Used-car purchases picked up as an alternative; as a result, the prices of used vehicles swung past those of new models.<div type="image" title="A line graph showing the prices of used vehicles and new vehicles going up during 2021 and coming back down again in 2024." height="1366" width="1374" msid="110677908" hostid="261"></div>But supply has since bottomed out, and inventory is showing slow signs of recovery. Despite this, buyers aren't coming back as expected, with both new- and used-vehicle loan originations tumbling through 2023. That suggests sales have plateaued."One reason for this flattening, we believe, is that the total 'all in' cost of ownership — including elevated interest rates, insurance, and maintenance costs — has become more expensive even as auto prices are declining," the bank wrote on Friday.For instance, the note points out that car-loan interest rates have jumped steeply since mid-2022. Citing a nearly four-percentage-point gain since then, it means consumers would have to pay close to $100 more a month for the average new vehicle loan as of March.And insurance costs are similarly trending upward, having risen 22.6% year over year in April. The bank says premiums are likely to remain higher.<div type="image" title="A line graph showing the steep increase of interest rates on new car loans from 2020 to 2024." height="1408" width="1390" msid="110677910" hostid="261"></div>"In fact, Americans feel that vehicle maintenance and loans were two of the top five most difficult household expenses to afford as of April 2024," the report says, citing a recent Bank of America proprietary Market Landscape Insights study. "Nearly 45% of respondents reported difficulty affording these items, while the share was even starker for Gen Z at nearly 60%."Owners are instead holding onto their vehicles longer, potentially as they wait out for affordability to improve. The average age of US vehicles jumped 40% between 2001 and 2023, reaching 12.5 years.For some consumers, this market has prompted interest in electric vehicles and hybrids, marked by a sharp rise in EV loan originations. But this trend has limits, Bank of America says, as buyers will need to face limited access to charging stations.

Car prices are finally falling. Here's why people still aren't buying.

<ul class="summary-list"><li>The US election showed shades of the meme stock mania of early 2021.</li><li>Elon Musk and Mark Cuban featured both times, traders bet big, and young men played key roles.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> and Mark Cuban trumpet their picks and excite their followers on social media. Amateur traders scramble to place speculative bets. Disaffected young men post memes to rally support for their revolution against the elites.That may sound like a description of the frenzied days leading up to the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">US presidential election</a> this week. It could also describe the meme stock craze of early 2021.The two events have striking similarities. Both featured celebrity billionaires championing their favorites. Musk <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-elon-musk-gamestonk-tweet-extends-trading-rally-2021-1">tweeted</a> "GameStonk!!" at the height of the short squeeze on GameStop stock in January 2021, then <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-twitter-cryptocurrency-market-trading-reddit-doge-2021-2">posted</a> "Dogecoin is the people's crypto" a few days later, causing both assets to spike in price. In September of this year, the Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/musk-donated-million-ron-desantis-changed-tack-bet-on-trump-2024-10">posted</a> on X: "Unless Trump is elected, America will fall to tyranny."Similarly, in February 2021, Cuban <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-thanks-wallstreetbets-advises-hold-gamestop-stock-robinhood-reddit-2021-2">thanked</a> members of Reddit's WallStreetBets forum for "changing the game" and "taking on Wall Street." Two months later, the "Shark Tank" star tweeted that dogecoin was the "one coin that people actually use for transactions."Cuban <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-kamala-harris-donald-trump-economic-plans-2024-8">threw his weight behind</a> Kamala Harris going into the election, praising the Democratic candidate and criticizing Trump in several since-deleted X posts."It's certainly got hallmarks of the kind of vibes-based, personality-based cultish side," Neil Wilson, the chief market analyst at Finalto, told Business Insider about the election conversation this year.<h2 id="7d9e95dc-2060-4569-ac60-cb58c6e78915">Trading frenzy</h2>Retail traders bet big on both occasions. They <a target="_blank" class="" href="https://www.businessinsider.com/reddit-traders-memes-crypto-stock-market-wall-street-strikes-back-2021-12">piled</a> into beaten-down stocks, SPACs, crypto, and other high-risk assets in early 2021. Similarly, they <a target="_blank" class="" href="https://www.businessinsider.com/kalshi-polymarket-top-apple-app-store-downloads-election-betting-surge-2024-11">plowed</a> millions of dollars into Polymarket and other prediction-betting markets before the polls closed and Trump secured victory.Stars emerged both times. Keith "Roaring Kitty" Gill became the face of the GameStop craze for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/keith-gill-gamestop-stock-bet-79-million-one-day-gain-2024-6">ostensibly making</a> tens of millions of dollars on the video game retailer's stock. A French trader known as Théo <a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">racked up</a> similar profits betting on Trump via Polymarket.Young men played an outsize role in both sagas. In 2021, they flocked to the WSB subreddit and other social media to share their stock picks, exchange funny memes, and share screenshots of their wins and losses. Their <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/robinhood-trader-made-1300-percent-return-tesla-stock-rally-2020-2">motives</a> ranged from wanting to get rich quickly, to having a laugh, to fighting back against the Wall Street elite they saw as bullying the businesses of their childhood.<h2 id="c1b692d8-9e77-48f8-82d0-4c4d6b810ca3">Winning men</h2>Men under 30 <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">rallied behind Trump en masse</a> this year, framing his campaign as a common-sense revolution against an oppressive establishment, lying media, and unfair system. Along with memes, they used AI-generated artwork to paint Trump and those around him as superheroes and patriotic titans. Trump and Musk <a target="_blank" class="" href="https://www.businessinsider.com/trump-targets-young-men-theo-von-logan-paul-adin-ross-2024-8">galvanized young men</a> with X posts, speaking to "manosphere" stars such as Joe Rogan, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-joe-rogan-interview-podcast-young-male-voters-2024-10">promoting</a> traditional masculine ideals. The upshot was a stark shift among men under 30 in favor of Republicans compared to previous elections."It is hard not to attribute momentum gains in Trump support among younger male voters to Musk's or Rogan's endorsements," Mark Malek, chief investment officer at Siebert, told BI. He likened the trend to Musk's touting of dogecoin, which boosted the dog-themed crypto. Wall Street traders watched the swings in election betting markets to assess the state of the presidential race and inform their investments, Malek added.<h2 id="5e5ff9c8-86ff-4d6a-bc55-54b2a03ceb6a">Memes with meaning</h2>Naeem Aslam, chief investment officer at Zaye Capital Markets, told BI he saw "strong similarities" between the two events but with some twists this time."In 2021, WallStreetBets (WSB) aimed at the money bigwigs, rallying against hedge funds. But now, the target list has grown. It's not just Wall Street in the crosshairs. Washington, the media, and what many call the 'establishment' are all fair game," he said."The meme-driven buzz from 2021 has returned, but now it's mixed with a strong ideological element making today's speculative scene wider and longer-lasting."Trump Media &amp; Technology Group, the parent company of Truth Social which counts the president-elect as its majority shareholder, unites several of these ideas. It became a proxy for Trump's chances at returning to the White House and has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">swung dramatically</a> in recent days.Tesla stock also <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11">surged</a> 15% on Wednesday after Trump won, even as other clean-energy stocks tanked in anticipation of a less green administration. Malek said it was clear that "some sort of premium has been placed on the stock as a result of Musk's very public involvement in Trump's campaign.""Tesla is by no means a meme stock, but its recent move certainly has notes of one," he added.There are clear parallels between the meme stock mania of early 2021 and the social-media chatter and betting-platform activity going into the election. But it's worth acknowledging the difference in scale and stakes between the two episodes."One is selecting someone to run a country and make decisions that will affect millions of people's lives, the other is about a relatively small group of people hoping to make a quick buck," Dan Coatsworth, an investment analyst at AJ Bell, told BI.

Why the election felt like the 2021 meme stock rally — but way bigger

Ravichandran <keyword id="20035994" type="General" weightage="20" keywordseo="Ashwin" source="keywords">Ashwin</keyword> doesn't like "latching on to people" and that's one reason why he has never warmed up to the idea of banking on <keyword id="20134692" type="General" weightage="20" keywordseo="coaches" source="keywords">coaches</keyword> in the traditional sense as he believes that such <keyword id="20902120" type="General" weightage="20" keywordseo="dependence" source="keywords">dependence</keyword> makes players dogmatic. In his 14-year international <keyword id="19919646" type="General" weightage="20" keywordseo="cricket" source="keywords">cricket</keyword> career, spanning 281 games and 744 wickets across formats, Ashwin's sense of agency and his ability to time and again rediscover himself, have helped him survive the grind. "A lot of players are heavily dependent on coaches or mentors, or one person which I think is a very dangerous trend because latching on to people and over-dependency can cause you to not be able to open to new ideas," the 37-year-old off-spinner told PTI in a telephonic interview recently. It is not that Ashwin never had a sounding board. His first state team coach WV Raman, one of the respected names in Indian cricket, and Tamil Nadu legend and former India batter S Badrinath, have been guiding forces for him. But his equation with them never turned into the kind of dependence that would take away his own ability to search for solutions. "See very often the challenge of a coach is to be able to offer you several solutions. This is because what works for one (particular player) might not work for the other," he explained. "One modern-day coaching philosophy which I totally disagree with is the fact that they try to copy-paste the same technique (solution) that's worked for another cricketer," Ashwin, who recently made his debut as an author with 'I Have The Streets: A Kutti Cricket Story', added. While he is completely aware that some players get results by surrendering to the vision of their coaches, he also feels that such dependence can lead to a closed mind. "Because as a cricketer, you constantly are thrown up with new challenges, so you must be able to find your own answers," the tweaker, who is behind only the legendary Anil Kumble in the list of India's highest Test wicket-takers, pointed out. To Ashwin, Raman has been that catalyst, who helped him focus his intuitive mind. "People can give you a helping hand. But they cannot guide you through in your career, you will have to be open to fresh ideas. "For me, WV allowed me the freedom to express, and, you know, try new things. He also taught me how and on what path I need to travel, but he never said, 'This is the path you need to travel upon'. "So in a way, in my early days, guidance from WV ensured that I was never really over-reliant on anybody." Ashwin said getting a second opinion is never a bad idea but cricket primarily is a self-taught sport. "If you don't have awareness of your own game and if you can't teach yourself, I think you are always going to be dependent on someone which I think is a very dangerous part. "I am not saying people with coaches or people who are dependent don't do well in life but there is a chance of selling yourself short," he asserted. He is gearing up for a big 10-Test season and the Bangladesh series next month will be his first under new head coach <keyword id="19914485" type="General" weightage="20" keywordseo="Gautam-Gambhir" source="keywords">Gautam Gambhir</keyword>, someone with whom he has also played a lot. Ashwin also admires him as one of the "heroes" of Indian cricket. "Gautam is someone I still share a very, very good relationship with. Because of the fact that he is a very straightforward and an honest guy. "I think Gautam is also one of those guys that we should always be backing. He's a hero of Indian cricket," he said of the new coach, who took charge in the recent tour of Sri Lanka. It took me 2-3 years to perfect 'Carrom Ball' ============================= The best in the world have struggled to read his signature 'carrom ball' but Ashwin, who first saw Ajantha Mendis bowl it during an age-group camp in Chennai, said that it took him nearly three years before he was satisfied with its execution. For the uninitiated, a carrom ball is a delivery which turns the other way and is released with a flick of the middle finger. In case of a right hander, it will turn away from the bat. "I started bowling those balls in the nets 2006 or 2007 onwards, which was probably the second season for me in first-class cricket. "It took me a good two years before I implemented it in the south zone leg matches of the Vijay Hazare Trophy (KS Subbaiah Pillai Trophy) in 2008. By 2010, I was probably pretty confident about the pace at which I bowled. "So, it took about two to three years for me to gain confidence." Priority should always be playing for India ============================ The IPL has changed the lives of young Indian cricketers and has been "tremendous" for country's cricketing ecosystem but Ashwin believes that for an aspiring cricketer, the ultimate goal should forever be playing for the country. "I am very glad that a lot of young kids are coming now and making a good amount of money. It is changing their livelihood, changing the status of their families. It's unbelievable for India, for the Indian cricketing ecosystem," he said. "But I still feel there must be some incentive and some motivation for all these kids to want to play for India, and that's absolutely in the hands of the stakeholders and the decision makers."

Over-reliance on coaches can stop players from finding own solutions: Ashwin

<ul class="summary-list"><li><keyword id="19895433" type="General" weightage="100" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>'s falling California sales point to bigger problems for the car company.</li><li>Changes to the EV market are finally catching up to Tesla.</li></ul>Tesla is losing some ground in its former home state of California, signaling more trouble ahead for the world's largest electric car company. As <keyword id="20360560" type="General" weightage="20" keywordseo="electric-car-sales" source="keywords">electric car sales</keyword> rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter <a target="_blank" class="" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q3-2024-auto-outlook-report/">figures</a> from the California New Car Dealers Association. That's not an anomaly. It's the third straight quarter of Tesla sales declines in the largest EV market in the US. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. Through September 30, Tesla's EV market share in California declined from 64% to 55% year-over-year— still nearly five times that of Hyundai (5.6%) and BMW (5%) combined. The trend in California underscores Tesla's challenges as the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market matures</a> and new competition makes it harder for the company's aging lineup to entice new buyers. In addition to these economic challenges, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">Musk's political views</a> have shifted further right, with the CEO endorsing and campaigning for Republican presidential candidate Donald Trump in the 2024 election. That can impact sales in a solidly blue state like California. Actor Jason Bateman recently said he isn't driving a Tesla anymore because of Musk's connection to Trump. "I got rid of my Tesla," Bateman told vice presidential candidate Tim Walz on an episode of his podcast <a target="_blank" href="https://www.smartless.com/episodes/episode/288fe449/governor-tim-walz">Smartless</a>, which he hosts with Sean Hayes and Will Arnett. "I feel like I'm driving around a Trump sticker with that car, so it's gone." <h2>The EV market is maturing</h2>EV demand in the US has been slowing for about a year. It took longer for that slowdown to hit <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> than other competitors, but it's clear now that Musk is feeling the pinch as its once-reliable buyer base of wealthy early adopters is replaced by a more practical and frugal green-car shopper. Previous tactics like slashing prices and offering dealership-like incentives to buy Teslas over other EVs aren't working as well as they used to. Following <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">two quarters of slipping sales</a>, Tesla's share of the US electric car market dipped below 50% for the first time at the end of the second quarter, according to data from Cox Automotive. The automotive retail firm attributed much of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's waning dominance</a> to an influx of new competition, which offered EV shoppers more choices. This increase in choices is especially threatening for Tesla, which does not regularly update the looks of its electric cars — a strategy industry experts have been warned for years could come back to bite the company. An increase in demand for hybrid-electric vehicles has also been "detrimental" to Tesla and overall EV adoption, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">according to Musk</a>. Many industry experts disagree, arguing that hybrids are a necessary bridge technology for EV adoption among later adopters. <h2>Elon's politics turn off some customers</h2>Musk is no stranger to controversy. The bombastic billionaire's rise over the past decade has been in part due to his willingness to thumb his nose at some social codes and government agencies. But as Musk becomes a more permanent fixture in the US's far-right movement, some owners and potential customers have been having <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owners-consider-selling-cars-shares-cybertruck-elon-musk-post-2023-11">second thoughts about supporting Tesla</a>. As Tesla owners take to social media to express their displeasure with Musk's political involvement, automotive industry experts say there could be real consequences for the CEO's "Dark MAGA" era. <a target="_blank" class="" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">Today's electric car shopper</a>, who is often considering an EV for environmental reasons, is less willing to look past Musk's support for Trump and other conservative leaders, experts say. Musk, for his part, has denied that his involvement in politics is impacting sales. "Tesla's sales are actually doing great," he said during a recent X space. "We're hitting all-time highs." Correction — October 31, 2024: An earlier version of this post incorrectly said California was Tesla's home state. The company's headquarters is now in Texas.

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