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December 23, 2019 11:30 pm

Tesla Stock Hits 'Funding Secured' $420 Price

140Mandak262Jamuna writes: Elon Musk tweeted he had secured funding to take Tesla private at a share price of $420 right in the middle of a trading day in August 2018, without any prior approval from the board of directors. The plan fell through, SEC fined him and the company $20 million each and forced him to step down as Chairman. The stock touched a low of $178 in Jun 2019 and it has been rising steadily and it has been on a tear in the last few trading days of the year. It briefly went above $420 today, touching a maximum of $422 and closing quite close to $420. Ihor Dusaniwsky of S3 Partners (a company that tracks short trades of hundreds of securities) is reporting that the people who sold the stock are finally being squeezed. They were $5.20 billion in YTD profit in the first week of June 2019 and have lost $7.3 billion in the last six months. Tesla supporters are euphoric and are lighting up twitterverse with lots of taunting messages directed at the shorts.

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