WU - Senator's Bearish Tesla Bet Under Scrutiny As He Buys Put Options Ahead Of Elon Musk-Led Company's Q3 Results That Set Stock Slide In Motion | Benzinga
Tesla, Inc. (NASDAQ:TSLA) shares have been going through a lean phase and the modest recovery seen has been in fits-and-starts. Against this backdrop, a Congressman has disclosed on Thursday bearish bets on the electric vehicle giant.
What Happened: Sen. Tommy Tuberville (R-Ala.), who has been in the news due to his blockade of military promotions, on Thursday disclosed a series of stock transactions made through the month of October, data provided by Quiver Quantitative, an analytics firm that tracks stock trading by Congressmen showed. The firm noted that the senator made almost $3 million worth of new stock and options trades.
The “Stock Trading on Congressional Knowledge Act” requires U.S. Senators to publicly file and disclose any financial transaction within 45 days of its occurrence.
Betting Against Tesla: Tuberville bought three lots of Tesla put options and sold all of the Tesla shares he held. All the transactions were made on October 17. The Tesla stock have been on a downtrend since the company reported its third-quarter results on October 18. From $254.85 at which the stock closed on October 17, it fell to a ...