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Dave Portnoy Places $10 Million Bet on Tesla, Anticipating 10% Bounce in Under Two Weeks
Jul 8, 2025

Dave Portnoy Places $10 Million Bet on Tesla, Anticipating 10% Bounce in Under Two Weeks

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Dave Portnoy, the founder and CEO of Barstool Sports, has made a bold move by investing $10 million in Tesla Inc., following a pullback in the company's shares early this week. On Monday, Portnoy announced on X that he had purchased $10 million worth of Tesla shares, hoping for a 10% bounce in under two weeks. He tagged the move as a #crazyelon play, referencing CEO Elon Musk's erratic behaviors that have contributed to the stock's volatility in recent years. In a video accompanying the post, Portnoy detailed his thought process behind the high-stakes trade. He stated that he was considering investing $10 million in Tesla, with the aim of making 10% or "a million bucks" in under two weeks. Portnoy plans to take his potential profits to the Saratoga Race Course in New York. The investment comes after Tesla shares witnessed a pullback on Monday, down 6.79%, trading at $293.94 per share. The decline was likely triggered by the escalating feud between Musk and President Donald Trump, as well as Musk's decision to form a new political entity, dubbed the "America Party." Several experts, investors, and analysts have criticized Musk's move, with investment firm Azoria Partners delaying the listing of its Azoria Tesla Convexity ETF as a result. Azoria's CEO, James Fishback, who once hailed Tesla as the "most compelling investment," believes Musk's latest political pivot will result in "conflict with his full-time responsibilities as CEO of Tesla."

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