Dave Portnoy, the founder and CEO of Barstool Sports, just announced a bold bet on Tesla Inc. TSLA, following a pullback in the company’s shares early this week.
Check out the current price of TSLA stock here.
What Happened: On Monday, in a post on X, Portnoy stated that he had purchased $10 million worth of Tesla shares, in anticipation of a 10% bounce in under two weeks.
“Update – I bought the 10 milly $tsla hoping for 10% bounce in 2 weeks or less,” Portnoy posted on X, tagging the move as a #crazyelon play, a reference to CEO Elon Musk’s erratic behaviors that have since become a defining trait of the stock’s volatility in recent years.
In the video accompanying the post, Portnoy detailed his thought process behind the high-stakes trade. “I'm looking at Tesla. It's down seven and a half percent,” he says, likely sitting in front of his trading screen, while pondering “Do I put $10 million into Tesla right now, hope to make 10%, that's a million bucks?”
Portnoy says that he aims to make 10% or “a million bucks” in under two weeks with this investment, which he then plans to take to the Saratoga Race Course in New York.
Why It Matters: Tesla shares witnessed a pullback on Monday, down 6.79%, trading at $293.94 per share, following the escalating feud between Musk and President Donald Trump, and the former’s decision to form a new political entity, dubbed the “America Party.”
Several experts, investors and analysts have hit out at Musk’s decision, with investment firm Azoria Partners delaying the listing of its Azoria Tesla Convexity ETF as a result of this.
Azoria’s CEO, James Fishback, who once hailed the EV giant as the “most compelling investment,” believes Musk’s latest political pivot will result in “conflict with his full-time responsibilities as CEO of Tesla.”
“Unlike his work with SpaceX or xAI, which complement Tesla’s R&D efforts in AI, automation, and engineering, a political party not only fails to complement Tesla’s mission, it actively undermines it,” Fishback said.
Wedbush Securities senior analyst Dan Ives echoed similar views, saying that Musk’s move was “exactly the opposite direction” of what most Tesla investors would have wanted, especially during what he refers to as a “crucial period for Tesla.”
According to Benzinga’s Edge Stock Rankings, Tesla shares score well on Growth, ranked in the 90th percentile, and have a strong price trend in the medium and long terms, but is unfavorable in the short run. Click here for deeper insights on the stock.
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