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.

Read more of this story at Slashdot.

Source: Slashdot – Tesla Stock Hits ‘Funding Secured’ 0 Price