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Posted on December 26th, 2019 By Jason and Jeff on Raging Bull
Tesla stock hit a record high of $420 on Monday, closing at $422.01.
If you recall, just 16 months ago, Musk sent his infamous âfunding securedâ tweet, saying that he could take Tesla private at $420 per share. That tweet got Musk into a bit of trouble with the SEC (Shortseller Enrichment Commission), who apparently doesnât like CEOs/stakeholders actively influencing public stock prices.
420 blaze it
Musk, who has had his fair share of run-ins with the devil's lettuce (thanks Joe Rogan), couldnât help himself upon hearing the news. Musk tweeted âWhoa⦠the stock is so high lol,â... and was presumably retweeted by Adam Neumann. Shortly after, Musk tweeted a photo of Teslaâs stock price at $420.69. NICE.
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A roller coaster year
On the year, Tesla stock is up more than 27%, which is pretty impressive considering in Q1 the company lost more than $700M. By Q3, the firm had climbed back into the black. See what happens when you steer clear of the SEC Naughty List?
The bottom lineâ¦
Tesla isnât in the clear yet. While Musk and Co. are still trying to figure out how itâs "bulletproof" Cybertruck windows cracked under the pressure of a live studio audience, it's facing stiffer competition...
Electric truck startup, Rivian, announced on Monday that it had raised another $1.3B in a round led by T. Rowe Price that included Amazon who has already placed an order for 100k of Rivian's delivery vans.
This latest round brings Rivianâs total capital raised to $2.85B. It's worth noting that Tesla raised more than $20B to get vehicles on the road.
TSLA's climb continued during a shortened trading session on Tuesday, closing at $425.25.
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âï¸ Pump the brakes. BMW is under investigation by the SEC to determine whether the German automaker performed a technique called sales punching to misstate its reported sales figures. The practice involves dealers recording cars as sold when they are still on the lot. Some people might just call that fraud but to each their own. This isnât the first time a car company is being called out for inflating numbers. Fiat Chrysler settled with the SEC in September for $40M after falsifying numbers all the way back to 2013.
âï¸ Put it in the books. DraftKings is going public next year after the company announced plans to combine with Diamond Eagle Acquisition Corp. and SBTech resulting in a company that will capitalize on the degenerates of society to the tune of an estimated $3.3B market value. Diamond Eagle Acquisition Corp. is what's known as a "blank check company." It was already trading on the Nasdaq with plans of making an acquisition. The merger will take place at the beginning of the year. It's no surprise that DraftKing's is upping the ante following the Supreme Court's ruling that states could greenlight sports betting. Big-name investors like Wellington Management and Franklin Templeton have already agreed to invest $304M in a class of shares of the company stock. Save some for the rest of us!
âï¸ Deuces. Travis Kalanick, the founder of Uber, knows better than to go down with a sinking ship. Over the last two months, T-Kal sold $2.7B worth of company shares, equating to his total stake. And on Tuesday Uber announced that the ousted CEO who has set his sights on "ghost kitchens" will leave the board by the end of 2019.
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