This price action is compounded by Shorts knowing that selling will continue through early this week for tax reasons, etc.
@AudubonB mentioned this a couple weeks ago regarding the potential of Elon and others selling for their charitable contributions. These accounts must sell 5% of the value of their holdings (that is the value of the account on January 1st of this year). On a microscopic level we are in the same boat. We started a foundation a couple years ago with the concept of tithing to the community instead of to a church with a portion of our TSLA sales for living expenses on the way up. We have primarily given environmental & science scholarships and to the Food Banks, and local community support organizations. This year will be no different with our gifting, however this year we will take an Off the Top Rope - Elbow to the Head from Wall Street Randy Savage because I waited until the end of the year to sell, and the account is 100% TSLA. So we are unfortunately selling about 20% of the value of the account now to meet the criteria of 5% at the beginning of the year. This is tough, because it will effect the sustainability of giving many future scholarships. And because the Foundation was a very sincere effort for us, one that took much more effort and time than we would have ever imagined to give away a comparatively small amount of money. Wall Street doesn't care who gets crushed to get what they want. In the near term they will be crushing kids from a lower income community that might not have the chance to go to college otherwise. And they will be reducing the capacity for Food Bank donations when people need it more than any time in recent history.
But we don't make the rules of the game, we just try to figure out how to do our best and stay on the field as long as possible. Wise or not, this year's strategy is to sell and give accordingly, and then leverage our personal brokerage accounts buying power at today's prices to add enough shares on margin to supplement the lost 15% in the Foundation as the TSLA tide turns. It will cost us the interest out of our own pocket to get there, but the look on the students faces at the scholarship banquet, and the excitement from the Food Bank manager for the continued gifting makes it all worth while. And per
@Ogre question regarding TA/Gap/etc..........I have previously posted that my personal opinion is that if we can hold this key point through the end of the year that we will be on the positive side of 200 again relatively quickly IMO. The last time we saw all stocks trading like this was of course 2008/2009, and it took about 1-2 months to get a similarly proportional rebound on the DJI that would take TSLA over 200. And it took about 2 years to return to previous highs, but that was the entire weighted DOW. Not TSLA with the IRA and other catalysts behind it. I am willing to eat a couple months of interest to refill the Foundation coffers,
