Abra report shows investors using its app are betting big on Tesla

Quick Take

  • Elon Musk’s automotive giant Tesla seems to be the world’s favorite stock among investors on its platform, according to a report from crypto investing app Abra
  • The median investment amount in Tesla is also 191% higher at $71.64 as compared to the overall median investment on Abra at $24.65
  • Interestingly, Australia and Canada seem to be betting on gold as an investment

Elon Musk’s automotive giant Tesla seems to be the world’s favorite stock to invest in, according to a report from crypto investing app Abra.

“The world is bullish on tech and overwhelmingly loves Tesla,” Abra said in its “Global Investor Insights” report published Tuesday, sharing preliminary analysis of over 12,000 equity investors who invest via its app.

Abra unveiled its blockchain-based investment app in February to allow global users (barring the U.S.) to own fractions of high-priced stocks and exchange-traded funds (ETFs). The app officially went live in May.

The app allows users to invest in stocks such as Tesla, Uber, Alibaba and Facebook, as well as ETFs like the gold SPDR with bitcoin. Tuesday’s report showed that Tesla stock is the number one choice of investors followed by Amazon, Apple and Google.

The median investment amount in Tesla is also 191% higher at $71.64 as compared to the overall median investment on Abra at $24.65, per the report. The minimum investment amount via the app is $5. 

“We think this is a reflection of the new millennial investor that puts their money where their beliefs are. And it’s clear they believe in the vision that Elon Musk is building,” Abra CEO, Bill Barhydt, told The Block.

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South Africa (Musk’s home country), France, Argentina, Austria and the Philippines are the top five nations going big on Tesla, according to the report.

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