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Barstool Sports founder Dave Portnoy has seemingly hit his mark on a high-stakes $10 million Tesla Inc. (NASDAQ:TSLA) trade he made two weeks ago.
Check out the current price of TSLA stock here.
What Happened: On July 8, Portnoy posted a video on X, claiming to have bet $10 million on Tesla shares, likely around $293 per share, where the stock was trading at the time.
“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, referring to CEO Elon Musk’s decision to form a new political party, dubbed “The America Party,” which led to a nearly 7% drop in the stock.
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Portnoy said in the video that he aims to make 10%, or “a million bucks” from the trade, which he promptly plans to take to the Saratoga Race Course in New York.
Now, a little under two weeks later, Portnoy’s trade has already hit its target, with the company closing at $329 a share on Friday, a gain of 12.28%.
Portnoy, who regularly shares his latest sports wagers and their results on his X account, is yet to provide an update on this trade.
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Why It Matters: Tesla shares have been increasingly under pressure owing to Musk’s political activities in recent months, with analyst Dan Ives of Wedbush Securities saying that his stint in the White House may have hurt the brand.
Musk’s recent fallout with President Donald Trump made things worse for his companies, with the latter threatening to terminate billions in government contracts.
According to a survey of Benzinga readers, 71% believe that Tesla’s shares will fall over the next 12 months, owing to Musk’s renewed political push.
