Down 26% from yesterday's high
The crazy ride in shares of Tesla have captivated financial markets in the past week after an unreal run to $968 yesterday from $250 in November.
The jump made Tesla far larger than any other car company and more-valuable than the big-3 combined.
Perhaps more-important were the insane volumes in the shares and even-more insane volumes in the options prices. This was clearly a squeeze on one of the most-shorted stocks out there. With Friday's options expiry looming, the bulls are bailing.
Shares are down 26% from the high late yesterday as the air comes out of the bubble. Between bitcoin, pot, fake meat and electric cars, the last few years have been an experiment in short-lived manias.
The only question is: What's next?
