TEXAS – According to Apex Clearing, a Dallas, Texas-based custody and clearing firm, Tesla is now the most common stock for millennial investors straight ahead of Apple whose dominant have existed for a long time.
Bill Capuzzi, CEO of Apex Clearing, says that the number of millennials who have opened investor accounts with his company since the start of the year is staggering.
The most famous is Tesla, without a doubt. It was clear that the Silicon Valley-based carmaker was the new leader after surveying over 1.5 million U.S. based trading accounts for its “Millennial 100” report.
This month, Apex published the Q3 survey, and Tesla succeeded in turning down Apple to emerge as the most demanded stock of young investors. Of course, other EV company’s, such as NIO, were also hot stock to dump cash in for the millennials.
“Tesla jumped to the 1 spot on Apex’s list, which Apple had led for four straight quarters. Younger investors didn’t just go for Models 3, Y, and X—they also poured money into China’s NIO ranking at 12, which shot up over 150% in the third quarter,” the report stated.
The availability of trading platforms has helped younger investors get started, with platforms like Robinhood paving the way for easier investments.
According to Dallas Innovates, of course, tech stocks have been their key priority. They flooded tech stocks as millennials made their way into the world of finance, which helped them gain value and hit all-time highs.
In 2020, Tesla rose five-fold, making it potentially the best stock to invest for the year.
Companies such as Stash, SoFi, Firstrade, and Ally Invest have helped Apex Clearing retain commission-free stock trading on smartphone apps. The business partnered with Robinhood as well, but in 2018, the trading platform took its clearing in-house.
The ease of access to mobile trading has definitely contributed to stock growth this year. “You can download a trading app and start investing in minutes if you have a smartphone.”
Apex president Tricia Rothschild said. “Millennials have come of age during a time of technological advancement, globalization, and economic disruption.”