Latest news with #AzoriaTeslaConvexityETF
Yahoo
3 days ago
- Business
- Yahoo
Dave Portnoy Drops $10 Million On Tesla: 'Hoping For 10% Bounce In 2 Weeks Or Less' From #CrazyElon Bet
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Dave Portnoy, the founder and CEO of Barstool Sports, just announced a bold bet on Tesla Inc. (NASDAQ: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. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — 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.' Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Photo Courtesy: Tada Images On This article Dave Portnoy Drops $10 Million On Tesla: 'Hoping For 10% Bounce In 2 Weeks Or Less' From #CrazyElon Bet originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
6 days ago
- Business
- Time of India
Former DOGE adviser sends letter to Tesla Board, says: Meet Elon Musk immediately and ask him to clarify his ...
Former DOGE adviser James Fishback seems very upset with Tesla CEO Elon Musk's decision to start a new political party. Last week, made the announcement a day after polling his followers on the social media platform Twitter, declaring, "Today the America Party is formed to give you back your freedom." Tired of too many ads? go ad free now Slamming Musk's plans to create political party, Fishback has sent an open letter to Tesla Board. The letter urges Tesla board members to ask Elon Musk to clarify his political ambitions. "I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO," Fishback wrote. Fishback added that the announcement undermines the confidence shareholders had in Tesla's future after Musk said in May he was stepping back from his role leading the Department of Government Efficiency (DOGE). He added that his investment firm Azoria Partners will defer the listing of its Azoria Texla Convexity exchange-traded fund due to Musk's announcement. Azoria was set to launch the Tesla ETF, which would invest in the electric vehicle company's shares and options, next week. James Fishback letter to Tesla Board slamming Elon Musk Elon has gone too far. My investment firm (@InvestAzoria) has decided to postpone next week's public listing of our Azoria Tesla Convexity ETF. Our decision comes in direct response to @ElonMusk's announcement that he is launching a new national political party. This creates a conflict with his full-time responsibilities as CEO of Tesla. It diverts his focus and energy away from Tesla's employees and shareholders. Azoria believes that Tesla is the most compelling long-term investment in AI. With breakthroughs in robotaxis, Optimus, and full self-driving, no other company is positioned to lead the future like Tesla. Tired of too many ads? go ad free now In May, when Elon stepped back from his work at DOGE and returned his attention to Tesla, we were encouraged. With Elon fully engaged, he gave shareholders renewed confidence in Tesla's future. Elon's announcement today undermines that confidence. 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. I just sent the attached letter to Robyn Denholm, Chair of Tesla's Board of Directors. I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO. I remain hopeful that Elon will return his full attention to Tesla. If not, I trust the Board will take appropriate action. US Treasury Secretary Scott Bessent wants Elon Musk to worry about his companies, not politics US Treasury Secretary Scott Bessent said that the Tesla and SpaceX boss focus on business and not politics. When asked by CNN if Elon Musk's plan bothered the Donald Trump administration, Bessent offered a thinly veiled criticism. "I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone," Bessent said. "So I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities." Bessent went on to add that the principles of the so-called Department of Government Efficiency, which Musk ran for several months as part of Trump's drive to slash government spending and jobs, were "very popular."
Indian Express
6 days ago
- Business
- Indian Express
‘Musk should focus on business, not politics,' says Trump aide
A day after Elon Musk announced a new political party and criticised President Donald Trump's tax and spending bill, US Treasury Secretary Scott Bessent said Musk should focus on leading his companies rather than entering politics. Speaking to CNN on Sunday, Bessent said the boards at Musk's companies Tesla and SpaceX would likely be concerned about his political plans. 'I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,' Bessent said, according to Reuters. Musk announced the creation of the 'America Party' on Saturday, saying it was in response to Trump's recently signed tax and spending law. Musk argued that the law would lead the US towards bankruptcy. He also said the party would try to unseat Republican lawmakers who supported the bill in next year's midterm elections. Musk had previously been close to Trump, donating heavily to his re-election and serving briefly as an adviser on government reform. But their relationship changed after Musk opposed the new legislation, which cuts taxes and increases spending on defence and border security. The bill passed last week along party lines. President Trump has said Musk is upset because the law removes tax credits for electric vehicles, which affects Tesla. He has also threatened to review the billions of dollars in government contracts and subsidies that Tesla and SpaceX receive. In his remarks, Bessent downplayed Musk's influence on the public. 'The principles of DOGE were very popular,' he said. 'I think if you looked at the polling, Elon was not.' Musk's political move also received pushback from investors. Azoria Partners, an investment firm that had planned to launch a Tesla-related exchange-traded fund (ETF) this week, said it would delay the launch because of concerns about Musk's new role in politics. Azoria CEO James Fishback criticised Musk on X , writing, 'I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO.' On Sunday, Fishback added: 'Elon left us with no other choice.' Elon has gone too far. My investment firm (@InvestAzoria) has decided to postpone next week's public listing of our Azoria Tesla Convexity ETF. Our decision comes in direct response to @ElonMusk's announcement that he is launching a new national political party. This creates… — James Fishback (@j_fishback) July 6, 2025 Musk has not publicly responded to the investor criticism. The White House did not comment on Musk's announcement. But Stephen Miran, head of Trump's Council of Economic Advisers, defended the president's tax and spending plan on ABC's This Week. 'The one, big, beautiful bill is going to create growth on turbo charge,' Miran said. Musk's America Party has not released detailed plans yet, but his comments suggest he wants to challenge Republican incumbents in next year's elections who backed Trump's economic policies.
