Wed, 07/01/2020 – 09:52
It seems just earlier this week that Tesla surpassed $1,000 per share, which it did… on Monday.
Fast forward 48 hours when the stock which has now become a poster child for everything that is berserk in our banana markets has sprinted from $1,000 to $1,117 this morning on absolutely no news just more daytrading momentum, its market cap rising by $20 billion in two days…
… its market cap now surpassing $203 billion – making it not only more valuable than oil E&P giant Exxon, a company which literally moves the world -but also surpassing Toyota’s market cap, making Tesla the world’s most valuable car maker.
So with this record valuation, one would think that TSLA would rush to sell stock and prefund its cash burn for years ahead, right? Wrong: it appears there is zero institutional interest in an offering at this price, which means that TSLA stock can continue soaring even higher on retail daytrading euphoria – validating Musk’s ego – while institutions quietly dump all their shares to the Robinhodler army.
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Author: Tyler Durden
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