Tesla TSLA shares have climbed 66% over the past month taking its cost above that of General Motors GM, Volkswagen, and Fiat Chrysler FCAU combined. Shorts are also at a one-year low of 15% as easy liquidity enhanced momentum in a stock that has seen a constant stream of positive news, including several upgrades and price target increases from sell-side analysts.
And notwithstanding the soaring prices, the CEO Elon Musk (and chief Tesla bull out there) raised his stake to 34.1 million shares or an 18.5% share of the business. In the application, submitted to the Federal Commission on Securities and Exchange, it is noted that he bought 14,037 shares of Tesla Inc for $767 each. And not one to pass up an opportunity, especially given the investments the company has scheduled to produce new models and factories online, he launched another public share issue. Despite the resultant diluting, 2.65 million shares were swallowed and the deal's assurers exercised in full the option to buy another 397,500 shares, netting $2.31 billion for the business.
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