The Fast Money traders discuss Tesla’s huge reversal today, ending the session higher after being down as much as 5 percent.
In August alone the entrepreneur has become the subject of an SEC investigation, made a dubious Twitter announcement about taking his company Tesla private, and gave a teary interview to the New York Times, causing Tesla shares to plummet.
Now it looks like the Saudi Arabian sovereign wealth fund, the main candidate to take Tesla private, might actually invest in a Tesla rival instead.
(13-8.2018) I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving. This is why I referred to “funding secured” in the August 7th announcement.
(13.8.2018) However, Mr Musk said the managing director of the Saudi fund has expressed support since his tweets.
In the course of just under two weeks, J.P. Morgan’s Tesla analyst Ryan Brinkman increased his price target for Tesla from $195 to $308 and then reversed course back to $195 this morning, all while keeping an underweight rating.