The Austin-based fund manager is sitting out the rally that has nearly doubled Tesla's stock price within a month. And he says it would be wise for others to do the same.
The breathtaking speed of the rally has been widely attributed to a so-called short squeeze. That's what happens when a sudden price rally forces traders who had bet against a company to cover their position and buy its stock. alike and sent Tesla's stock into the stratosphere. That decade of course ended with a speculative bid for unprofitable companies that were touted as future mainstays of internet-based activities from web browsing to pet-food ordering.
I Will believe him when he shows us proof that he is shorting Tesla by at least 1 million dollars
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