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TSLA Plunges Into Red, Stocks Slammed Lower On Kaplan Comments

Courtesy of ZeroHedge View original post here.

Update (1400ET): Well that escalated quickly – TSLA shares have plunged from record

Nasdaq is rolling over hard, leading the rest of the market lower…

Some have suggested this drop was due to Federal Reserve Bank of Dallas President Robert Kaplan says emergency lending facilities launched by the central bank were necessary to support market function, but they won’t be left in place indefinitely.

“A number of those actions were necessary. The key is what we do from here. How long does this need to go on for?”

“I am a believer that we will need to get back to more unaided market function without as much intervention from the Fed. We’re just not at that point yet”

“I think it’s wise for us to be telegraphing as the economy improves we’ll be appropriate in showing restraint and pulling back some of these programs”

And suddenly, 400,000 Robinhood’rs were silenced…

Especially the 40,000 or so that added today:

*  *  *

Another day, another totally f**king insane surge in everyone’s favorite carmaker (sorry “tech” stock).

TSLA is up over 13% this morning…

…up almost 80% since the start of July!

As we suspect the old “gamma”-ramp trade is back, with the $2000 and $2500 strike calls the most-active this morning…

With $2500 strike calls expiring this Friday now up 3000% in 2 days…

This surge in market cap (to $311 bn) is incredible ($130 billion in 13 days)… now approaching the same market cap as WalMart.

Has lifted Elon Musk’s net worth above $70 billion (now personally worth more than Ford and GM market cap)…

And after today’s surge, he is now the fifth richest man in the world, surpassing Warren Buffett, Larry Page, and Steve Ballmer.

We have nothing to add.


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